Page 9 - NorthAmOil Week 34 2021

NorthAmOil POLICY NorthAmOil

US House approves framework of

$3.5 trillion budget resolution

US THE US House of Representatives has voted renewable energy that Biden is promising.
220-212 along party lines for a Democrat-led The votes are important because moderate
$3.5 trillion budget resolution that is sure to Democrats were refusing to support the $3.5
include significant elements to bolster renewable trillion budget bill unless it was decoupled from
energy. The vote took place on August 24. the smaller bipartisan infrastructure bill. House
Democrats are expected to debate the details Speaker Nancy Pelosi had previously vowed they
of the resolution over the next few months. This must be linked, but she relented in the face of los-
Biden, or reconciliation, bill may include exten- ing key votes.
sions of tax credits for wind, solar and tax credits American Clean Power Association CEO Moderate
for clean hydrogen. It is also expected to include Heather Zichal said of the votes: “Action by the
a clean energy and efficiency portfolio standard, House of Representatives has moved the coun- Democrats
which will require utilities to buy increasing try closer to achieving a once-in-a-generation
amounts of clean energy, probably including opportunity to invest in the future of our country were refusing to
wind, solar, hydro and nuclear. and advance policies that put the US on a path to
Republican backing is not anticipated to be a clean energy future. support the $3.5
needed, and by making the bill a budget reso- The $3.5 trillion bill is indeed sure to advance trillion budget
lution, Democrats can advance the legislation the fight against climate change.
without any Republican support. Democrats Earlier in August, more than 180 House bill unless it
have a slim majority in the House. It is unclear Democrats called for the $3.5 trillion budget bill
how an energy portfolio standard can be imple- to include: long-term extensions and expansions was decoupled
mented as a tax proposal, but perhaps tax cred- to the Production Tax Credit and Investment
its can be offered to utilities that comply, say Tax Credit for wind and solar to meet President from the smaller
experts. Biden’s goal of a carbon pollution-free power bipartisan
On August 24, the House also voted to sector by 2035; extension and modernisation
advance a Senate-approved $1.2 trillion bipar- of tax incentives for commercial and residential infrastructure
tisan infrastructure bill that includes $73bn energy efficiency improvements and residential
for improving the grid. Party leaders pledged electrification; and extensions and modifications bill.
to vote on the bipartisan bill by September 27, of incentives for clean transportation options
appeasing moderate Democrats. America’s elec- and alternative fuel infrastructure; and support
tricity grid is ancient and balkanised and needs of domestic clean energy, energy efficiency and
vast improvement to support the roll-out of clean transportation manufacturing.™

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