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The US made the largest invest...The US made the largest investment in its history for climate change
The Silicon Review
08 August, 2022
Author:
The Silicon Review Team
The US Senate has approved a bill that includes $369bn for climate action - the most significant investment in America's history.
The Inflation Reduction Act's author said it will cut the country's carbon emissions by 40% by 2030. The household could receive a tax credit of up to $7,500 to buy an electric car and $4000 to buy a used car.
In recent years the US has been hit by deadly wildfires and flooding. Climate change has increased the risk of dry and hot weather that fuels wildfires. Since the industrial era began, the world has warmed by 1.1C approx. And it will keep rising unless the global government makes steep emissions cuts.
Democrats cried joy after a marathon overnight session and pumped their fists in the air after the bill was passed in the Senate. It envisages lowering healthcare costs and raising corporate taxes as part of a package surpassing $700bn, which the White House will pay. President Joe Biden called the bill historic and pledged to return the US to the international stage of climatic actions. Last year he also promised to slash US greenhouse gas emissions by at least 50% by 2030. The President also announced to provide $2.2bn to help build infrastructure that can withstand natural disasters and extreme weather.
