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Why the Cost of Biden’s Climate Law Keeps Going Up (www.nytimes.com)

submitted 7 months ago by [email protected] to c/[email protected]

12 comments fedilink hide all child comments

Forecasters say the president’s clean-energy incentives will be more effective than they had originally expected, in part because of new federal regulations.

The estimated price tag for President Biden’s clean-energy and climate agenda has effectively doubled since the Inflation Reduction Act was signed into law a year and a half ago.

Nearly all of the increase is attributable to forecasters’ belief that the law will be more popular than they had originally expected, in part because of the way the Biden administration wrote certain regulations. That rising price tag may actually be good for reducing greenhouse gas emissions — and for the U.S. economy.

The Inflation Reduction Act, which Democrats passed on a party-line vote in summer 2022, includes tax credits and other subsidies for low-emission energy technologies that are meant to help wean the nation from fossil fuels.

Many of those credits are effectively unlimited, meaning the more people or companies choose to claim them, the more they will add to federal deficits. The uncapped credits include incentives for manufacturers to build solar-panel or wind-turbine factories, and for consumers to buy electric vehicles. Budget scorekeepers have to estimate how popular those credits will be, in order to forecast how much they’ll cost.

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[–] [email protected] 25 points 7 months ago* (last edited 7 months ago) (2 children)

From your article beyond the headline:

Biden's Inflation Reduction Act (IRA), a climate change law passed last year, made oil and gas auctions a prerequisite for renewable energy development. It also, however, requires higher royalty rates and minimum bids meant to boost taxpayer returns.

Biden's Interior Department has issued far fewer new leases than previous administrations. The agency issued 527 leases in fiscal years 2021 and 2022 combined, compared with 2,740 in the previous two years, during the Trump administration, according to BLM data.

[–] [email protected] -5 points 7 months ago

This is the hypocrisy and double-standards I expected, but if you really care you should pay attention. Biden's plans make Saudi Arabia and the UAE seem environmentally conscious by comparison.

Source: https://priceofoil.org/content/uploads/2023/09/OCI-Planet-Wreckers-Report-Final.pdf