House Enacts Rebuild Better Action

RETRIEVED FROM: DAVID WORFORD

The United States House of Representatives has passed the Build Back Better Act, which includes $555 billion for renewable energy and other sustainability goals.

The Biden administration proposed a legislative framework at the end of October, including the most ambitious climate and renewable energy policies and investments to date. It followed the passage of the $1 trillion infrastructure bill in early November and many other sustainable development goals proposed by the government, including the road map for the United States to achieve zero net emissions by 2050 and the COP26 agreement on Cooperative emission reduction with China.

The Build Back Better Act was passed by 220 votes to 213 in the house of Representatives and is now submitted to the Senate. The bill may be amended in the Senate. Nevertheless, CNBC reported that Senate Majority Leader Chuck Schumer hoped to pass the bill before Christmas.

“And on a global scale, the Build Back Better Act is a unique opportunity to fulfill our national commitment to emission reductions reaffirmed last week in Glasgow,” Alliance to Save Energy President Paula Glover says. “Energy efficiency measures alone can deliver half of the emission cuts required to get to net zero – which is why it’s so important to get these policies right and get them done.”

Of the $555 billion earmarked for climate targets in legislation, $320 billion will be used for clean energy tax credits. The fund aims to stimulate the creation of clean energy, such as the application of wind and solar energy, energy storage, clean energy manufacturing and the use of electric vehicles.

Another $110 billion will be used for clean energy technologies and supply chains, and $105 billion will be used to help restore capacity, including efforts to deal with extreme weather. According to the plan, clean energy procurement will receive $20 billion.

The legislation also includes elements dealing with environmental justice and investing in sustainable efforts of vulnerable communities.

“The Build Back Better package is the climate deal that leading companies and investors have long been calling for,” says Anne Kelly, vice president of government relations at Ceres. “The Senate must now follow the House’s lead and pass the Build Back Better package with these urgently needed climate investments.”