In this file:

·         U.S. Senate Climate Deal 'Transformative', Backers Say

… "It's an absolutely transformative package," said Stokes. She said the bill would boost American manufacturing in everything from batteries to solar energy to electric vehicles and contains the largest environmental justice investment ever...

 

·         Senate Deal Boosts Climate-Smart Ag

… Farmers will see an injection of programs and $20 billion in funds for climate-smart agricultural practices to help lower emissions…

 

·         Senate Democrats’ tax-and-spend deal includes spending $369 billion on climate, energy

… The package… would include tax hikes on the wealthy and large corporations, as well as health care provisions… $60 billion for environmental justice… Democrats estimate that the climate portion of the bill will slash greenhouse gas emissions by 40% by 2030…  

 

·         Factbox: Key provisions in the U.S. Senate climate deal

 

 

 

U.S. Senate Climate Deal 'Transformative', Backers Say

 

By Timothy Gardner, International Business Times 

07/27/22

 

The nearly $370 billion in climate and energy security measures in the budget reconciliation deal U.S. Senate Democrats struck on Wednesday were whittled down from previous versions of the bill, but highly praised by backers of clean energy.

 

Early versions of the bill had $555 billion in tax breaks for clean energy such as wind and solar power as well as batteries and nuclear reactors.

 

Still, Wednesday's package would cut U.S. emissions 40% by 2030, a summary released by Senate Majority Leader Chuck Schumer's office said.

 

The baseline for the cut was 2005, Leah Stokes, a professor of climate and energy policy at the University of California, Santa Barbara, who advised Democrats on the bill.

 

Clean energy backers said it would go a long way toward President Joe Biden's goal of decarbonizing the U.S. economy by 2050.

 

"It's an absolutely transformative package," said Stokes. She said the bill would boost American manufacturing in everything from batteries to solar energy to electric vehicles and contains the largest environmental justice investment ever...

 

more

https://www.ibtimes.com/us-senate-climate-deal-transformative-backers-say-3588807

 

 

Senate Deal Boosts Climate-Smart Ag

Climate-Smart Ag Funding, Expansion of Renewable Energy Tied to Senate Deal

 

By Chris Clayton, DTN/Progressive Farmer

7/28/2022

 

OMAHA (DTN) -- Farmers will see an injection of programs and $20 billion in funds for climate-smart agricultural practices to help lower emissions from agriculture under the climate deal reached by Senate Democrats on Wednesday.

 

Farmers and rural landowners also will see a greater push over the next eight years from developers of solar and wind projects -- and likely carbon pipelines -- as well as those projects seeking to capture billions in tax incentives as well.

 

Along with that, biofuel companies also will see more incentives through tax credits and grants to build out more renewable fuel infrastructure, especially to develop sustainable aviation fuels.

 

Those are a few of the key areas for agriculture and rural America in a deal struck by Senate Democrats for a $739 billion package reached between Sen. Joe Manchin, D-W.Va., and Senate Majority Leader Chuck Schumer, D-N.Y. Like multiple "deals" over the past two years, the agreement still demands every Senate Democrat fall in line for a possible vote that has yet to happen.

 

Republican opposition would likely be unanimous in the Senate, even though senators up for reelection, such as Sen. Chuck Grassley, R-Iowa, have been among the biggest advocates for expanding biofuels and tax credits for wind energy.

 

The deal, dubbed the Inflation Reduction Act of 2022, focuses on climate change and energy, along with changes in Medicare purchasing of prescription drugs, and funded by a 15% minimum tax on large corporations. The bill also projects using about $300 billion over time to reduce deficit spending as well.

 

Still, President Joe Biden, whose climate and economic plans had been thwarted multiple times by Manchin over the past 18 months, released a statement from the White House praising Senate Democrats for reaching a deal.

 

"This is the action the American people have been waiting for," Biden said. "This addresses the problems of today -- high health care costs and overall inflation -- as well as investments in our energy security for the future."

 

CLIMATE SMART AG ...

 

FINANCIAL DETAILS IN BILL ...

 

RENEWABLE ENERGY ...

 

CARBON SEQUESTRATION ...

 

more

https://www.dtnpf.com/agriculture/web/ag/news/business-inputs/article/2022/07/28/climate-smart-ag-funding-expansion

 

 

Senate Democrats’ tax-and-spend deal includes spending $369 billion on climate, energy

 

By Ramsey Touchberry, The Washington Times

July 28, 2022

 

The $433 billion spending deal struck by Senate includes $369 billion for climate and energy measures over the next decade, drawing praise from environmentalists and scorn from Republicans over what they call frivolous.

 

The package, cobbled together after Sen. Joe Manchin III, West Virginia Democrat, dropped his opposition to new spending over inflation concerns, would include tax hikes on the wealthy and large corporations, as well as health care provisions.

 

Senate Majority Leader Charles E. Schumer, a New York Democrat who brokered the deal with Mr. Manchin, said the Senate will move swiftly to pass the legislation likely next week along party lines.

 

The $369 billion for climate and energy that drew the most GOP criticism includes:

 

• A $4,000 consumer tax credit for lower/middle income individuals to buy used electric vehicles and a tax credit of up to $7,500 to buy new electric vehicles.

 

• $1 billion for electric heavy-duty vehicles, like school and transit buses and garbage trucks.

 

• $5 billion for forest conservation and urban tree planting.

 

• $60 billion for environmental justice that prioritizes disadvantaged communities.

 

The bill’s passage in Congress would be a long-sought win for President Biden, whose agenda has largely crumbled thanks to Mr. Manchin’s rejection of previous tax-and-spend bills. That includes Mr. Biden’s roughly $2 trillion social welfare and climate bill known as Build Back Better.

 

Green groups hailed the wide-ranging climate and energy measures in the spending agreement as “historic.”

 

Jamal Raad, the director of Evergreen Action Executive Director called the deal an opportunity for a “major breakthrough in America’s fight against climate change.”

 

“With $369 billion for climate and energy provisions, this bill has the potential to be the single largest investment in clean energy in American history,” he said.

 

Democrats estimate that the climate portion of the bill will slash greenhouse gas emissions by 40% by 2030.

 

Republicans derided the new spending and tax hikes...

 

more

https://www.washingtontimes.com/news/2022/jul/28/senate-democrats-tax-and-spend-deal-includes-spend/

 

 

Factbox: Key provisions in the U.S. Senate climate deal

 

Reuters

July 28, 2022   

 

July 28 (Reuters) - U.S. Senate Democrats have struck a legislative deal that would divert nearly $370 billion to climate and energy security measures with the aim of slashing greenhouse gas emissions 40% by 2030…

 

·         An extension of investment and production tax credits for wind, solar and other renewable energy sources to 2025. Wind and solar are considered crucial to cleaning up the power sector, which is the source of another quarter of U.S. greenhouse gas emissions.

·         Extended credits for biodiesel, and incentives for "sustainable aviation fuel" needed to reduce emissions from the airline industry.

·         Allocation of $20 billion to the U.S. Department of Agriculture for climate-friendly farming practices, $500 million to support the production of biofuels and a combined $7.6 billion for forest and coastal conservation.

 

more

https://www.reuters.com/business/environment/key-provisions-us-senate-climate-deal-2022-07-28/