New climate bill: Look on the bright side, and (almost) everyone’s a winner

After more than a year of wheeling and dealing with resistant holdouts, the Senate Democrats finally passed a package of climate legislation on Sunday under the umbrella of the Inflation Reduction Act. The bill, if it passes the House as expected and is signed into law by President Biden, will be the country’s first major climate law.

The package earmarks $369 billion for energy security and climate change programs over the next 10 years, including: $44 billion in tax credits for wind, solar, and other renewable power sources like hydrogen and another $30 billion for investing in renewable energy technologies, including solar panels and wind turbines; $30 billion for nuclear power companies, to discourage existing power plants from shutting down; $9 billion to encourage investments in efficient heating and cooling systems; and $36 billion to encourage individuals to buy new or used electric vehicles.

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