Treasury Secretary Yellen touts clean energy tax incentives Biden signed into law

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  • Treasury Secretary Janet Yellen promoted climate investing contained in the Inflation Reduction Act, which President Biden signed into law in August.
  • Yellen said the new incentives put the country on a “strong course” toward drastic cuts in greenhouse gas emissions by the end of the decade.

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Treasury Secretary Janet Yellen on Tuesday in North Carolina cited tax credits and other private sector incentives contained in the Inflation Reduction Act as saying they would help lower energy costs for consumers and greenhouse gas emissions across the US.

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The act, which President Joe Biden signed into law in August, represents the largest climate spending package in U.S. history, with domestic energy initiatives and $369 billion to tackle climate change. Yellen says Biden is safe over $430 billion To modernize the American energy system.

“These investments will accelerate the transition to our green energy future and lower energy costs for American homes and businesses,” Yellen said at the Cypress Creek Renewables Plant in Durham. “They will secure our energy supply against global price shocks. And they will provide well-paying, high-quality jobs across the US – particularly in non-coastal communities that are suffering from disinvestment.”

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Yellen’s visit to the plant is the third in a series this month to discuss the importance of President Joe Biden’s economic agenda ahead of the November midterm election.

The climate plan dedicated $50 billion to secure infrastructure against extreme weather events related to global warming. Yellen said the investment will help protect farmers, homeowners and communities from drought, floods and extreme heat.

Thousands of dollars in tax breaks and rebates for electric vehicles and home efficiency upgrades — such as energy efficient skylights, water heaters and solar panel installation — the money-saving features in the IRA are also expected to translate into lower energy costs for families.

But Yellen also said the government would also depend on the private sector to help meet its climate goals. reduce emissions by at least half by 2030 to 2005 levels. All targets will increasingly work towards minimizing supply chain disruptions amid unpredictable weather events.

“Specifically, the government must provide the basic foundation and long-term certainty that businesses need to make massive investments and drive the transition toward a clean energy future,” Yellen said.

Biden administration outlines plans bipartisan infrastructure law To improve and expand transmission lines, potentially tripling the size of electronic transmission systems by 2050. Half a million chargers will be made available nationwide under the first national EV charging system, Yellen said.

The Treasury Secretary also spoke of Biden Justice 40 Initiative, a few days after he took office. Under the initiative, forty percent of the total benefits of federal climate and environmental remedial investments will be distributed to disadvantaged communities. Yellen said the plan has already funded cleanup and revitalization efforts for communities affected by hazardous waste and pollution.

The investment will capitalize on global demand for low-carbon products and create well-paying, high-quality domestic jobs, while fueling “our global effort to directly combat climate change and avoid its worst economic, social and health consequences”. . said the secretary.

Yellen said the roundtable will discuss ways to inform efficient and effective implementation of the Treasury tax credit.

“We are working swiftly to provide clarity and certainty so that the climate and economic benefits of the legislation are realized as quickly as possible, while providing effective guardrails to ensure that benefits are delivered as intended. go,” she said.

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