A new day, a new climate bill. But this time, call it the "Inflation Reduction Act of 2022." West Virginia Democratic Sen. Joe Manchin's surprise embrace of a historic $369 billion climate bill Wednesday night could set the United States on a path to reduce planet-warming emissions 40 percent compared with 2005 levels by decade's end. And, he says, combat inflation. If Democrats pass the bill, which they can do with a simple majority, it would be the biggest and most consequential legislative step ever taken by Congress to address the climate crisis. While the package's projected climate benefits wouldn't quite reach President Joe Biden's goal of cutting carbon pollution in half by 2030, it would be a significant step. Without it, the country is on track to cut emissions only 24 to 35 percent — far less than scientists say is needed to avert the worst of catastrophic warming. What's in, what's out Despite Manchin's frequent castigation of various clean energy provisions in Democrats' original reconciliation bill, this iteration looks strikingly similar. The measure would reward consumers with tax credits for buying electric vehicles and electric heating, ventilating and air conditioning systems. It would boost domestic manufacturing of batteries and solar panels and penalize fossil fuel companies for excess methane emissions. The measure would reward existing nuclear power plants and carbon capture and storage technology. And it would invest in cleaning up communities disproportionately exposed to high levels of toxic air pollution. The package also offers multiple wins for fossil fuel development, which many environmentalists — though not all — are choosing to overlook given the plethora of renewable investments. For just one example, the bill would mandate offshore oil and gas lease sales in the Gulf of Mexico and off the coast of Alaska. What happens now? The package is not a done deal. The legislation's provisions must survive scrutiny from the Senate parliamentarian and then get through the closely divided Senate and House, where progressives lawmakers had sought stronger provisions. The package includes an increase in corporate tax rates and an effort to close the carried interest loophole, both steps that Sen. Kyrsten Sinema (D-Ariz.), whose vote is needed to pass the measure, had opposed. Still, advocates are feeling much more hopeful than they were at the start of this week, when the prospects of a climate bill seemed bleak.
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