Biden copies the Green Deal: $390 billion on climate

Europe is no longer alone in defending the climate. In fact, following the Green Deal model, the US administration has also developed a $390 billion plan that addresses various aspects of decarbonization with subsidies and incentives for sustainability.

A surprising deal announced on Wednesday brings Incentive package for citizens who will adopt virtuous behavior. Measures in a bill called The Inflation Reduction Act 2022. Now the Senate must vote on the bill, possibly within the next week. So the House will have to do that before President Joe Biden can sign it.

The main chapters are related toAdoption of electric carsFrom heat pumps For indoor air conditioning and improvements toEnergy Efficiency of buildings.

Electric cars provided that they are (almost) made in the USA

Submit proposal Consumer tax credits For both new and used “clean cars”, defined as Vehicles equipped with a battery at least in part Manufactured or assembled in North America and built with Extracted or processed materials In countries that have free trade agreements with the United States.

The tax exemption will be an amount Priced at $7500 For new electric cars purchased by taxpayers with Income less than $150,000 Gross per year or with a combined family income of less than $300,000. The exemption will apply at the time of purchase. It will be limited to vehicles priced under $80,000 for SUVs and vans, and $55,000 for small passengers.

to me used vehicles The deduction will be $4,000 on a maximum cost of $25,000 and is limited to taxpayers with a total annual income of $75,000.

“That’s something we’ve always said, it’s an underlying problem”Tell Bloomberg Andres Hoyosvice president Zero Emission Transport Association. “It would be a game changer for mass adoption“.

No incentives instead electric bikes and motorcycles, Which are sold like hot cakes in the United States. However, the law allocates $ 3 billion to promote Bicycle paths In American cities

Domestic heat pumps and electricity

The bill also provides significant incentives to low income families and low average for home electrification. There is talk of replacing fossil fuel furnaces, boilers, water heaters and stoves with electrical appliances powered by renewable energy. Total amount $4.28 billion. They range from a contribution of $8,000 for heat pumps, $1,750 for electric water heaters, $840 for high-efficiency appliances and induction hobs, and $4,000 to refurbish electrical systems. In total, the family will be able Incentives accrual up to 14500 dollar.

Who is back? US climate goals

Climate thus becomes the protagonist of the American political debate. According to analysts, the entire package will allow the United States to reach one goal Reduce emissions of carbon dioxide by 40% by 2030.

However, something will still be missing to reach the 50% reduction by the end of the decade that Biden promised during the election campaign.

Carbon, hydrogen and gas sequestration tax

An additional boost could come from billions of dollars subsidies dedicated to Carbon dioxide capture in coal-fired power plantswhich may go from 50 to $85 per tonand from subsidies togreen hydrogen adoption as an industrial fuel.

Finally, one appears Additional tax for accidental emissions of unburned methane of oil and natural gas wells, whose impacts on climate change are up to 28 times greater than that of carbon dioxide. every ton will be subject to the issued tax for 1500 dollars.

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