Factbox: U.S. climate deal has money for EVs, clean energy and even Big Oil

📆 8/8/2022 11:30 PM
📰 ReutersScience

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After years of failed attempts to pass major legislation to combat climate change, the U.S. Senate's Inflation Reduction Act is poised to become largest U.S. climate legislation in history.

The bill would divert nearly $370 billion to climate and energy security measures, aimed at slashing greenhouse gas emissions around 40% by 2030 and curbing consumer energy costs at the same time.

Credits of several thousand dollars for the purchase of zero-emissions electric vehicles: up to $7,500 for new EVs and $4,000 for used electric cars. Transportation generates around a quarter of U.S. greenhouse gas emissions. Credits for production of nuclear and hydrogen power. The Biden administration considers nuclear and hydrogen energy to be vital to decarbonization.

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Senate enters 'Vote-a-rama' as the 'Inflation Reduction Act' comes closer to being passedIt includes the largest ever federal effort on climate change - close to $400 billion - hands Medicare the power to negotiate pharmaceutical prices and extends expiring subsidies that help 13 million people afford health insurance.
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