While human beings are the smartest species to have ever existed, it hasn’t been enough to keep them from making a mistake every now and then. Now, you can argue how some of these actually teach us a lot, but if we are doing that, we must also acknowledge the ones that go on to trigger irreparable damage within our lives. It was expectantly the latter category which forced us to look for a defensive cover, and to the world’s credit, it found the stated cover as soon as we brought dedicated regulatory bodies into the fold. Having a well-defined authority across each and every area was a game-changer, considering it instantly gave us a protective cushion against a lot of our mistakes. However, the utopia to emerge here was pretty short-lived, and honestly, it was all technology’s fault. You see, the moment technology took over the scene; it gave people an unprecedented shot at exploiting others for their own benefit. This, of course, would overwhelm our governing forces, but fortunately enough, the dynamics are changing once again. In fact, one recently proposed legislation should bolster the stated power shift even further.
After lengthy negotiations, “Build Back Better” plan, which is now renamed as the Inflation Reduction Act, has finally been proposed in front of the Congress. Endorsed by Sen. Joe Manchin, the bill, if approved, is expected to raise a ballpark figure of around $740 billion, and it will do so through a combination of tax increases and price negotiation. Interestingly enough, $370 billion from the stated figure will go towards fighting climate change, making it the biggest climate spending package ever witnessed in US history. To give you an extensive breakdown of this unprecedented package, the legislation will give almost $30 billion in tax credits to utilities that develop clean energy sources, while handing out another $27 billion in accelerator funds to support wider deployment of emission-reducing technology. Apart from it, we can expect a $20 billion loan for supporting domestic electric car factories, but that’s still not all, as a separate sum of $10 billion will be spent in investment tax credits for factories making wind turbines or solar panels.
“I support a plan that will advance a realistic energy and climate policy that lowers prices today and strategically invests in the long game,” Manchin said in a statement on Wednesday. “This legislation ensures that the market will take the lead, rather than aspirational political agendas or unrealistic goals, in the energy transition that has been ongoing in our country.”
The Senate will likely vote on the proposal next week, but even if it receives a green light from there, as well as the House of Representatives, we don’t know whether its implementation will align with the country’s goal of making a 50% cutback in greenhouse gas emissions by 2030.