US President, Joe Biden has signed a $375bn bill— the most significant federal investment in history-that is intended to fight climate change.
Analysis by scientists with the Climate Action Tracker shows that the bill will among other things, reduce future global warming by “not a lot, but not insignificantly either”.
According to another analysis by the Rhodium Group, a consultancy, the latest investment is projected to lower US emissions by up to 44% by 2030, compared with the current US trajectory, which would lower emissions by up to 35%.
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However, the bill does not require companies to reduce their emissions but includes tax incentives for firms to invest in renewable energy and rebates for people who buy electric cars or invest in energy-efficient home improvements.
In his reaction, a dairy farmer from Pennsylvania, Brett Reinford said that the climate funding is a welcome development and that it is hoped that it would help his family’s cow farm reduce its methane emissions.
“If we can get some support from the government, it makes a lot of these projects make more sense economically,” he said.
While the climate spending is unprecedented, many of its changes will not go into effect for at least two more years, leaving questions about how the new programmes will work.
Story was adapted from BBC.
