US President Biden wants to support renewable energies with billions.
(Photo: AP)
New York, Düsseldorf The climate and social package was a central part of US President Joe Biden’s agenda, but it repeatedly threatened to fail. In the end, the investment program – worth $433 billion – was passed with a wafer-thin majority of 51 votes to 50.
Below is an overview of what the package means for the economy.
What does the renewable energy package contain?
The Democrats in the US Congress are full of praise. “Very few laws will ever have the impact of this climate law, not just for the United States but for the world,” said Senator Edward Markey.
The package provides for additional spending of 433 billion dollars. It is the nation’s first major climate law, as noted by the New York Times. It is expected to help reduce US greenhouse gas emissions by around 40 percent by the end of this decade compared to 2005 levels.
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