President Joe Biden will need to rely far more on regulation to meet his promise to cut greenhouse gas emissions in half by 2030, after his roughly USD 2trn economic plan and its crucial climate provisions suffered a potentially fatal setback in Congress.
The tax-and-spending bill rejected Sunday by West Virginia Democratic Senator Joe Manchin included a record USD 550bn for climate measures, including a slew of tax credits for clean energy generators, the nuclear power industry and the makers of electric vehicles. As passed by the House, the Build Back Better bill included a first-time fee on the emission of methane from oil and gas operators.
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