HomeEnvironment & ClimateUS Senate Passes Landmark $430bn Climate Change Bill

US Senate Passes Landmark $430bn Climate Change Bill

The United States Senate has approved a bill to fight climate change, lower drug prices, and raise some corporate taxes

The bill now known as the Inflation Reduction Act will cut the country’s carbon emissions by 40% by 2030.

The bill passed the Senate on Sunday by a 51-50 party line vote with Vice President Kamala Harris casting the tie-breaking ballot.

“The Senate is making history,” an elated Senate Majority Leader Chuck Schumer said, after pumping his fists in the air as Democrats cheered and their staff members responded to the vote with a standing ovation.

“To Americans who’ve lost faith that Congress can do big things, this bill is for you,” he said. “This bill is going to change America for decades.”

Schumer said the legislation contains “the boldest clean energy package in American history” to fight climate change while reducing consumer costs for energy and some medicines.

The bill – a key plank of President Joe Biden’s agenda – will now be sent to the Democrat-controlled House.

It is expected to be backed there as soon as this week before it can be signed into law by Mr Biden.

The US has been hit by deadly flooding and wildfires in recent years.

Climate change increases the risk of the hot, dry weather that is likely to fuel wildfires.

The world has already warmed by about 1.1C since the industrial era began and temperatures will keep rising unless governments around the world make steep cuts to emissions.

The legislation is aimed at reducing carbon emissions and shifting consumers to green energy, while cutting prescription drug costs for the elderly and tightening enforcement on taxes for corporations and the wealthy.

The bill would invest nearly $375bn over the decade in climate change-fighting strategies including investments in renewable energy production and tax rebates for consumers to buy new or used electric vehicles.

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