The FDIC has had it with the crypto companies it claims to protect

The new law, the Inflation Reduction Act of 2022, contains $369 billion in climate and energy savings — securing a name change could go a long way toward getting you what you want. That dollar amount is less than what was on the table in various parts of the Build Back Better Act, but he does spreading available funds across multiple cleanup companies in ways that Build Back Better has never done before.

There are tax credits for clean energy and the deployment of storage at the level of use. That’s a huge benefit, thanks to America’s Clean Power initiative report found renewable installations down 55% in the second quarter compared to the same period last year. The main reason for the dip was Manchin’s opposition to Build Back Better, which created uncertainty in the system.

Having a new tax revenue plan, courtesy of the Inflation Reduction Act, would ease some of the pressures and bring the industry back on track. Indeed, Heather Zichal, the trade group’s CEO, said in a statement that “the entire power cleaning industry breathed a sigh of relief” when the new deal was announced.

There are also tax credits for people who install solar panels and heat pumps and buy new and used electric vehicles. The bill also offers tax credits for non-EVs that burn cleaner fuels like hydrogen, but because Manchin called the EV tax increase “difficult” a few months ago, this is still a big win for climate technology.

Where things get really interesting is the $60 billion the bill sets aside for clean technology on US soil from mineral processing to building batteries, solar panels, wind turbines and electric cars. Oh, and there’s $500 million for heat pumps as part of the Defense Production Act.

“It’s very difficult to build companies using laws and not money,” Leah Stokes, a political scientist at the University of California, Santa Barbara, said. “If we really want to make these technologies in the US, we have to invest in the manufacturing industry. This is a very new thing in this agreement.”

That, along with $60 billion in environmental justice funding that will ensure everyone can enjoy the benefits of clean air, save money and more, led Stokes to call the bill “transformational.”

Tech companies could benefit if the bill passes. Not just white tech companies, mind you. Technology companies have made great promises about their climate plans, and this will make them easier to fulfill. Additional infrastructure on the grid will make it easier for companies to operate without damaging the climate. More importantly, it will help companies get a handle on Scope 3 emissions – that is, the emissions associated with the use of their products.

Scope 3 emissions allow many companies to have emissions. Microsoft, for example, has an advanced weather system. But his smoke was gone above and 21% last year, partly due to people playing games on their Xboxes, watching movies on their Surfaces and so on. That’s not a knock on Microsoft really; it is an indication that more than 60% US electricity comes from fossil fuels. Change the mix to include renewables, and tech companies could see their Scope 3 fall.

All of this comes with a caveat, of course. For one, the entire document that was recently released is 725 pages long, so it will take some time to fully digest it. It will take a minute for researchers to see for themselves whether the promised 40% reduction in emissions is real or just a fantasy. Reducing emissions by 40% is also below Biden’s pledge in the Paris Agreement to reduce emissions by 50% below 2005 levels by 2030. In other words, there is a lot of work to be done on this front, including the President’s climate emergency. .

There are also oil-based products, especially for binding leases or right of way renewables in federal land to refinance fossil fuels.

“This all but ensures the growth of greenhouse gas emissions and could exacerbate existing conflicts between the frontline and those in power in the Gulf South and wealthy communities along the American coast,” said Billy Fleming, director of Penn’s McHarg Center. , he said. , noting that most climate policies were focused on increasing energy consumption instead of reducing oil demand.

This means that the Inflation Reduction Act of 2022 is not a real climate investment in clean technology. But it’s better than what was on the table this time yesterday.