BRUSSELS — Last night, U.S. Senators Joe Manchin and Chuck Schumer announced they had reached a deal that includes historic support for climate action and energy innovation as part of the Inflation Reduction Act of 2022, to be voted on as part of budget reconciliation in the Senate.
The €363 billion included in the deal would unlock massive investment in U.S. energy and climate innovation. As one of Europe’s most important partners, this renewed commitment to climate action should be warmly welcomed by policymakers throughout the bloc.
“This important deal, if passed, would not only set the stage for a strengthened transatlantic partnership on climate-forward innovation, with both sides of the Atlantic taking near-term action to scale cost-effective and urgently needed climate tech. It would also lay the groundwork for a shared vision of pragmatic climate policies and actions that will accelerate the transformation to a net-zero global economy,” said Lee Beck, Senior Director, Europe at Clean Air Task Force. “By enabling the transformation of hard-to electrify industries, the commercialization of low-carbon fuels, and methane reduction measures within the U.S., it also has the potential to unlock much needed options for climate-aligned European energy security that relies on diversified sources of clean energy.”
The deal would set the U.S. on a path to achieving 40% reduction of greenhouse gas emission from 2005 levels by 2030. While that is below the national target of 50-52%, it would be the most substantial climate commitment ever seen in the U.S.
Rowan Emslie, Communications Director, EU, [email protected], +32 476-97-36-42
About Clean Air Task Force
Clean Air Task Force (CATF) is a global nonprofit organization working to safeguard against the worst impacts of climate change by catalyzing the rapid development and deployment of low-carbon energy and other climate-protecting technologies. With 25 years of internationally recognized expertise on climate policy and a fierce commitment to exploring all potential solutions, CATF is a pragmatic, non-ideological advocacy group with the bold ideas needed to address climate change. CATF has offices in Boston, Washington D.C., and Brussels, with staff working virtually around the world. Visit catf.us and follow @cleanaircatf.