House Republicans Look to Eliminate Green Tax Credits
The House Committee on Energy and Commerce has proposed phasing out tax credits linked to climate policies stipulated in Biden’s Inflation Reduction Act. This, per the Committee, will raise some $6.5 billion.
The phaseout is part of the Republicans’ broader effort to roll back climate funding generously committed to various projects and initiatives by the previous federal government. Among the specific credits targeted are the incentive for EV purchases, tax credit for home energy efficiency improvements, and wind and solar subsidies, Reuters reported.
The report also noted a related proposal by the House Ways and Means panel about phasing out various tax incentives aiming to fuel the expansion of wind and solar energy, electric vehicles, and other transition technologies.
Naturally, the news sparked a strong reaction from the climate tech world. “While American businesses are demanding more energy to compete against our adversaries, and consumers are turning to clean energy to hedge against rising electricity prices, these proposals will undermine our nation’s efforts to achieve President Trump’s American energy dominance agenda,” the president of the Solar Energy Industries Association said in a statement.
“To make matters worse, this legislation is an attack on our individual liberties and freedom to choose how we power our homes. By effectively repealing the clean energy tax credit for homeowners, it rips consumer choice away from millions of hardworking Americans,” Abigail Ross Hopper also said.
On the other hand, the Committee’s chairman, Brett Guthrie, said in a WSJ op-ed that “This bill would claw back money headed for green boondoggles through “environmental and climate justice block grants” and other spending mechanisms through the Environmental Protection Agency and Energy Department. The legislation would reverse the most reckless parts of the engorged climate spending in the misnamed Inflation Reduction Act, returning $6.5 billion in unspent funds.”
By Irina Slav for Oilprice.com
U$ Department of Energy Proposes Billions in Savings Through Deregulation
- The Department of Energy has proposed to remove or reduce regulations that they claim will save $11 billion and boost the energy industry.
- Key regulatory changes include the removal of greenhouse gas emissions reporting requirements and the streamlining of natural gas import/export procedures.
- The Trump administration has moved to reverse previous climate policies, including withdrawing from the Paris Agreement and halting offshore wind power development, leading to a lawsuit from several states.
The Department of Energy has proposed to eliminate or shrink regulations that it says would result in savings worth $11 billion and stimulate energy industry growth. The department said this was the biggest deregulation push in its history.
“While it would normally take years for the Department of Energy to remove just a handful of regulations, the Trump Administration assembled a team working around the clock to reduce costs and deliver results for the American people in just over 110 days,” Energy Secretary Chris Wright said.
“Thanks to President Trump’s leadership, we are bringing back common sense -- slashing regulations meant to appease Green New Deal fantasies, restrict consumer choice and increase costs for the American people. Promises made, promises kept,” Wright added.
Among the notable changes proposed is the removal of reporting requirements for greenhouse gas emissions and the streamlining the administrative procedures related to natural gas imports and exports. The Department also proposes to axe the renewable energy production incentive along with various water and energy efficiency standards implemented by the previous administration—often to the chagrin of water and energy users across the States.
The reversal of the Biden admin’s climate policies and regulations has been a fundamental part of Trump’s plans for his term and he wasted no time in addressing them as soon as he took office. In his first day in office, the president withdrew the United States from the Paris Agreement, just as he had done during his first term, and reversed Biden’s ban on offshore oil and gas drilling in parts of the U.S. continental shelf.
That was just the start. In addition to the boost of oil and gas, the Trump administration started cutting off funding for various climate-focused organizations linked to the federal government, and paused all activities related to offshore wind power generation. Some 17 states have filed a lawsuit against the federal government because of the wind ban.
By Charles Kennedy for Oilprice.com
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