This past year represents a real turning point in the transition to electric vehicles, demonstrated by new major incentives and regulatory activities at both federal and state government levels and several notable accomplishments in the private sector. First, the U.S. government approved EV Infrastructure Deployment Plans for all 50 states, the District of Columbia and Puerto Rico with an estimated $4.155 billion in funding going to states in the next five years to build out EV infrastructure.… More
Category Archives: Inflation Reduction Act
Monitoring, Reporting, and Verification: Why the Carbon Dioxide Removal Industry Can Expect—and Could Benefit from—Increased Oversight
Carbon dioxide removal (CDR), or the range of technologies and processes for removing carbon dioxide from the atmosphere and oceans, promises to be a major part of US and global climate strategy in the coming decades. Recent governmental actions have created significant financial incentives for the rapidly growing CDR sector.
Given the heightened importance of CDR technologies, some regulators and members of the public are calling for a broader range of measures to ensure that CDR projects are accurately monitored,… More
On November 4, 2022, the White House announced a new initiative to support research and development projects on 37 “game-changing” technologies to advance the Biden Administration’s goal of net-zero emissions by 2050.
Federal agencies continue to roll out plans to address environmental justice issues, which has become a focal point in the Biden administration’s agenda. Now that the Inflation Reduction Act of 2022 (IRA) is in effect, federal agencies are now able to access more funds to address environmental justice concerns. As discussed in a prior blog post, the U.S. Environmental Protection Agency (EPA) released its “Equity Action Plan” in April 2022 and on September 30,… More
In order to pass the Inflation Reduction Act (“Act”) last month, a deal was struck with Sen. Joe Manchin (D-WV) to create separate legislation to reform federal energy project permitting. Now that the Act has been signed into law, Senate Democrats are making good on their promise but, as might be expected, not all parties are supportive.
The reforms (and funding necessary to effectuate them) are proposed to be included as part of a Continuing Resolution that must be passed to prevent a government shutdown beginning October 1. … More
Tucked away in the recesses of the Inflation Reduction Act is a provision that reminds everyone why they love Superfund so much. On its face, it’s simply an incentive for renewable energy development, giving an adder to the amount of the investment tax credit (ITC) or production tax credit (PTC) to which certain renewable energy projects would otherwise be entitled, if they are located in an “energy community”. … More
Yesterday, President Biden signed the Inflation Reduction Act, creating a law that contains the most significant climate-related incentives in U.S. history. In the few short weeks since the bill was introduced in the Senate, a flurry of economic activity has already begun, with entities already beginning to align their business practices to the incentives laid out in the bill.
Among the many programs enhanced or created by the legislation,… More
The Biden administration has made it a priority to target environmental justice issues as part of the administration’s broader economic agenda. On August 7, the Senate passed the Inflation Reduction Act of 2022 (Act), which would provide about $369 billion to reduce greenhouse gas emissions to 40 percent below their 2005 levels by 2030 as well as reduce carbon emissions and invest in renewable energy. A small but potentially mighty component of the Act focuses on strengthening environmental justice.… More
Inflation Reduction Act Establishes Federal Green Bank, Expands OSW Leasing, Reforms Energy Project Permitting
On August 7, 2022 the Senate passed the Inflation Reduction Act – a sweeping piece of budget reconciliation legislation that touches on everything from energy and climate to Medicaid prescription prices. Germane to the energy and climate sector, the Act includes $369 billion for spending on “energy security and climate change” over the next ten years and an additional $250 billion in additional authority for the Department of Energy’s Loan Programs Office. … More
The Inflation Reduction Act looks to accelerate the adoption of clean vehicles by reforming the related tax credits in a number of key ways. Specifically, the bill does the following.
- Eliminates the 200,000 clean vehicles sold quota per manufacturer.
- Previously, Tesla, GM, and Toyota were all over the 200,000 vehicle threshold and thus ineligible for the tax credit.
- Preserves the existing up to $7,500 tax credit for new qualified vehicles including electric,…