Federal Budget Bill Contains $369B in Climate Spending

Democrats in the U.S. Senate have agreed to a budget reconciliation plan that includes nearly $370 billion in taxpayer funding for climate change initiatives and energy security measures. (See the related story in this Leadership Briefing.) According to this report by Reuters, supporters say the bill would boost U.S. manufacturing in “everything from batteries to solar energy to electric vehicles.”

The plan contains $10 billion in investment tax credits to build clean technology manufacturing plants for electric vehicles, wind turbines, and solar panels. It also has an estimated $30 billion in production tax credits to accelerate U.S. manufacturing of batteries, as well as wind and solar power components and critical minerals processing. 7/28/2022