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What is the Climate Bill and What Does it Imply?
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Blog...What is the Climate Bill and What Does it Imply?

What is the Climate Bill and What Does it Imply?

Green News
Policy
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What is the new U.S. climate bill imposed by Biden’s team? Can this new climate bill change the United States' impact on climate change?
Green News
2023-08-01T00:00:00.000Z
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One change of heart can change the world, and that’s exactly what just happened with the new climate bill in the U.S.

A new, historic climate bill has been passed that will devote nearly 369 billion dollars to clean energy programs in order for the U.S. to develop self-sufficiency in the energy sector – and keep up with their, “powerhouse” title. 

What does this new climate bill mean for the future of energy use, and ultimately – climate change

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What is the new climate bill?

Biden originally proposed a plan to establish new, more stringent climate measures called the, “Build Back Better” bill. This original bill was supposed to provide 555 billion dollars to various climate programs. The new bill recently signed, called, “Inflation Reduction Agreement 2022” offers less money, totalling at 369 billion dollars, to tackle climate change – but still remains the most funding a climate bill has ever received in the U.S.

The Inflation Reduction Agreement 2022 has a multitude of climate goals in mind. The new climate bill strives to promote methane penalty, with a $900 fee for exceeding the federal limit through 2024 – and an increased fee of $1,500 by 2026. There will be tax credits for those who implement carbon capture and storage systems into their business models.

The new climate bill also allocates funding for various renewable energy sources like solar panels and wind turbines, with tax credits included as well. There will be funding for ‘green banks’ to promote clean energy projects in struggling communities, and to reduce emissions in agriculture. The climate bill allows Americans to qualify for a rebate if they remodel their homes to include more energy efficient appliances.

60 billion dollars for the new climate bill will go towards communities that require financial aid to improve their commitment to net-zero emissions and transportation infrastructure to prevent pollution.

Car manufacturing companies that seek to produce electric vehicles and renewable energy technologies will also receive tax credits, and Americans who purchase vehicles that use clean energy will receive tax credits as well. 

Just as it was mentioned before, this new climate bill is pretty revolutionary.

there is no planet b sign

What are Biden’s environmental goals while in office?

Biden has made clear during his presidential campaign that he is serious about getting the United States to comply with the measures necessary to reduce climate change. But what are those, exactly?

Most notably, Biden wants to make the climate change crisis known and allow the U.S. to lead as a global example. Predominantly, his main goal is to have Americans strive to use renewable energy and reach net-zero emissions by 2050. 

More specifically, Biden has five key environmental goals he will attempt to achieve during his time in office. For starters, he wants the U.S. to become a clean energy economy and join the movement to reach net-zero emissions by 2050.

On his first day in office, Biden signed executive orders that exceed what the Obama administration had in place for mitigating climate change. Biden will oversee the progress of these newly signed executive orders by the end of his first term, and continue to invest in the tools needed to fight climate change where necessary – especially in communities most affected by the devastating effects of global warming, like developing countries or places where natural disasters have occured.

Biden wants the U.S. to become more unified in the fight against climate change. He is aiming to revamp the investments made towards infrastructure to improve sustainability in water, transportation, and energy so that all these sectors can be more resilient for the future negative effects of climate change to come.

The United States is known for being a powerhouse region of the world, and with this label in mind – Biden wants to encourage the entire world to recognise the danger of climate change. Biden demonstrated this by re-joining the Paris Climate Agreement, and aims to continue advocating for the importance of climate change by implementing climate change into the country’s foreign policy.

Developing countries and low income communities suffer from the effects of climate change the most, due to a lack of resources and finances to course correct those negative impacts. Therefore, Biden aims to help communities like these prioritise their health in the midst of extreme pollution.

Biden recognises that the economy can’t be disregarded in conjunction with the efforts to improve the state of climate change. As a result, he will ensure that those who contributed to the industrial revolution remain employed – even if the circumstances of their work are subject to change in order to mitigate further carbon dioxide or greenhouse gas emissions. 

pollution black and white picture

What does the new climate bill imply?

Given the record amount of funds allocated to this new climate bill, otherwise known as the Inflation Reduction Agreement 2022 – is paving the way for the United States to set a leading example in the fight against global warming.

In other words, this new climate bill insinuates that the United States and the Biden administration are ready to use their exceptional financial resources to not only reduce their own global impact, but to help others less fortunate around the globe reduce their carbon footprint and improve their energy efficiency as well.

The U.S. is the second largest source of methane emissions that are caused by oil, gas, and pipeline production.

Since this new climate bill is set to fine those who exceed a certain amount of detrimental substances that could cause more harmful emissions in the atmosphere – this new bill ultimately implies that the U.S. is about to get serious about their impact on climate change.

Does the new climate bill have the opportunity to be successful?

This new climate bill definitely has the potential to be the most successful climate change endeavor the U.S. has embarked on thus far. This is because there’s a real opportunity to leave no clean energy behind; this new climate bill is creating an opportunity of convenience for multivarious consumers and businesses to partake in the fight against climate change. 

The climate bill is encouraging those businesses and individuals to participate in the fight against climate with one powerful tool: money.

The many opportunities for individuals and businesses alike to receive a tax reduction for choosing clean energy instead of emitting greenhouse gasses could be the key to finally getting Americans to take climate change seriously.

In fact, the new climate bill could lead to the United States reducing their greenhouse gas emissions by forty percent below the overall emissions back in 2005 by the year 2030.

If enough people take action and utilise the benefits presented by the Inflation Reduction Agreement of 2022, the United States, and in turn – the world could begin to see what is possible if strong enough measures and incentives are taken to reduce climate change.

Are there any potential consequences to this new climate bill?

While the new climate bill presents never-before-seen financial opportunities to seriously change the course of climate change in the United States, there are a few flaws.

The new climate bill also was supplemented by a few services endorsed by the fossil fuel industry. Therefore, this would create some political havoc for the Biden administration, as they would be pigeon-holed to restart an offshore oil and gas auction that was stopped by court order in 2021.

Popular gas companies like Shell have condemned the Biden administration's method of handling this predicament, and if companies like Shell don’t support this new climate bill – it will be hard to achieve one of its ultimate purposes: to unify all Americans, and subsequently the world, in the fight against climate change. 

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What are the biggest sectors that the U.S. should focus on to reduce climate change?

The U.S. is one of the world’s largest producers of carbon dioxide and greenhouse gas emissions behind Russia, and in total – together, contribute to one third of the world’s global methane emissions.

It’s clear that the U.S. contributes to climate change the most through their excessive use of fossil fuels, which in turn – create greenhouse gas emissions that further aggravate the environment.

The United States is home to powerhouse production. The country’s values itself, built on capitalism and materialism – haven’t made it easy for the United States to implement more sustainable and environmentally friendly practices into their businesses, transportation, or daily citizen’s life. 

A great example is to think of it this way: Americans do not utilise mass transit the same way that Europeans do. Why? Because Europeans are able to make use of trains not because it is environmentally friendly, but because it is convenient for them. It’s easy to be in another city or country within a few hours because Europe has dedicated its railway systems to be accessible, and allocated the funding necessary to achieve that.

Americans don’t use trains for their main method of travel because it’s not convenient for them. A great example for comparing this convenience is looking at two journeys: Washington, D.C. to New York City, and London to Paris – both by train. The distance between London and Paris is 212 miles, and the distance between Washington D.C. and New York City is roughly 250 miles. 

Pretty similar, right?

amtrack rail tracks

However, taking the Amtrak from D.C. to New York takes a minimum, 3.5 hours – whereas London to Paris only takes a little over 2 hours. This is precisely why Americans subscribe to their quintessential cross-country road trips and value using cars as their main method of transportation – because it’s faster.

Overall, it’s too hard to change these values implemented in Americans long ago. In other words, there’s no need to make Americans stop using cars altogether, but the U.S. can encourage the use of electric vehicles to reduce carbon emissions

Therefore, it’s imperative that the U.S. seeks alternative energy sources in place of the detrimental use of fossil fuels, oils, and gasses that are depleting the ozone layer and contributing to global warming.

Thankfully, the Inflation Reduction Agreement 2022 that was just passed provides enough funding for the United States to begin making a true difference in their carbon emissions.

The good news is that this new climate bill tackles not only the grave effects of industrial emissions happening in the United States, but also strives to financially aid other sectors that impact climate change. 

What should you remember about this new climate bill?

In all, this new climate bill is historical – serving as the largest investment for clean energy and climate improvement in the history of the United States.

If approached methodically, the U.S. could not only successfully, drastically reduce their own emissions – but serve as a mentor and helping hand around the world, and ultimately unify the fight against climate change once and for all.

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What about Greenly?

If reading this article about renewable energy resources has made you interested in reducing your carbon emissions to further fight against climate change – Greenly can help you!

At Greenly we can help you to assess your company’s carbon footprint, and then give you the tools you need to cut down on emissions. Why not request a free demo with one of our experts - no obligation or commitment required. 

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