Does the U.S. Need a Comprehensive Plan for Combating Climate Change? (S. 2089)
Do you support or oppose this bill?
What is S. 2089?
(Updated February 2, 2021)
This bill would increase spending on clean energy initiatives, plans to modernize energy infrastructure and reduce pollution — all while promoting energy efficiency and research into developing technologies. The bill seeks to mitigate the threats of climate change and promote energy efficiency.
The bill directs the U.S. to work with other countries to secure promises for cutting emissions. Electric utilities would have until 2030 to increase energy efficiency by 20 percent. Tax credits for wind and solar powered electric utilities would be extended, along with other policies that aim to make it cheaper for the average person to invest in their own solar power. Researched would also be increased on how to make trucks and factories more energy-efficient. Here are some more in depth highlights in this "compendium of state-of-the-art energy policy":
Fossil Fuel Taxes
Oil sands would be taxed at the same rate as crude oil, the definition of which would be broadened to include oil sands;
Tax incentives for the extraction and refining of oil and natural gas would be eliminated, including domestic manufacturing deductions, expensing for drilling costs, among other provisions.
Modernizing Energy Infrastructure
A total of $3.5 billion in appropriations for fiscal years 2016 through 2019 would be authorized to develop grants for states to improve the performance of their natural gas distribution systems;
The DOE would be authorized to pursue a research and development program focused on grid-scale electrical storage;
Also, the DOE would conduct a research and development program for medium- and heavy-duty trucks to improve the efficiency of transporting freight by 50 percent.
Clean Energy Investments
Tax incentives for clean energy would be expanded on a number of fronts, including:
An increase in the new commercial building efficiency deduction from $1 per square foot up to $4.75 per square foot;
An increase in the energy efficient home tax credit from a maximum of $1,750 to $6,500 as efficiency gains increase;
The creation of a new clean energy bond with a tax credit worth 28 percent of the bond’s interest;
Clean fuel production could receive a maximum tax incentive of $1 per energy equivalent of a gallon of gasoline.
Pollution Reduction and Energy Efficiency
The U.S. would be required to reduce greenhouse gas emissions by at least two percent each year through 2025;
Retail electric and gas utilities would be required to reduce their energy use by one percent in 2017. That standard would increase each year, and require a total reduction of 20 percent by 2030;
After 2030, the Dept. of Energy (DOE) would be required to issue new guidelines every 10 years;
Energy efficiency grants would be available to states that would be renewable after one and a half years for use in ongoing efforts to implement state plans.
Argument in favor
The U.S. needs to take bold steps to address climate change and be more efficient in the ways it uses energy. This bill would help accomplish both of those goals.
Argument opposed
This bill would prove to be a very costly handout to the clean energy sector at the expense of taxpayers, who would also be hit by rising gasoline and electricity prices.
Impact
Anyone who uses energy utilities, businesses, utility companies, state governments, the Dept. of Energy, and relevant federal agencies.
Cost of S. 2089
A CBO cost estimate is unavailable.
Additional Info
In-Depth: Sponsoring Sen. Maria Cantwell (D-WA) believes that her legislation
presents an opportunity to boost the economy and cut back on carbon
emissions:
“By tackling energy efficiency in sectors ranging from trucks and buildings to the electric grid, we are targeting our best opportunities for job growth, consumer savings and carbon dioxide reductions.”
This bill has 29 cosponsors, and aside from Sen. Angus King (I-ME) — who caucuses with Democrats — all of the cosponsors are Democrats.
However, this legislation isn't without detractors. Two Senate Democrats from states reliant on energy production, namely Sen. Joe Manchin (D-WV) and Sen. Heidi Heitkamp (D-ND), have said that they will not join their colleagues in signed on to this bill. Senate Majority Leader Mitch McConnell (R-KY) cautioned potential international partners on the issue against “entering into a binding, unattainable deal.”Of Note: A New York Times
article speculated that the driving purpose behind this bill isn’t so
much immediate success — which is unlikely to happen — but to help
Democrats regain control of the Senate in the 2016 elections:
“The bill has no chance of passage in the Republican-controlled Congress, but Democrats say they believe that forcefully pushing for climate change policies could help them win control of the Senate in 2016. And if they regain the majority, they will move to enact climate legislation along the lines of the Cantwell bill.”
It has been noted that this proposal calls for even more drastic cuts than President Obama’s goal climate pollution reduction plan.
China recently announced that it would pursue a cap-and-trade program aimed at reducing carbon pollution, though there is skepticism about its ability to follow through.
Media:
- Senate Energy and Natural Resources Committee Press Release
- Senate Energy and Natural Resources Committee Section-by-Section
- Senate Energy and Natural Resources Committee Summary
- Huffington Post
- New York Times
- Vox
(Photo Credit: Flickr user United Nations Photo)
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