House Budget Reconciliation Package Includes Additional Climate Funding
Nov 15, 2021
The initial $3.5 trillion plan has been pared down to more than $550 billion, which would be spent on clean energy, infrastructure, and climate resilience programs, including:
- $29 billion to support non-federal financing to deploy zero-emission technologies, including solar rooftop systems and zero-emission vehicles.
- $5 billion for grants supporting creation and implementation of state greenhouse gas air pollution reduction plans.
- $4 billion for financial assistance to support purchase and installation of advanced industrial technology that accelerates progress toward net-zero emissions.
- $3.6 billion for the Energy Department to guarantee loans with a combined principle of as much as $40 billion to reduce or sequester human-created greenhouse gas emissions.
- $3.5 billion for grants supporting domestic production of plug-in and hydrogen fuel cell electric and hybrid vehicles.
- $3 billion for direct loans supporting facilities that manufacture advanced technology vehicles, including medium- and heavy-duty vehicles, trains, boats, aircraft, and hyperloop technologies.
- $2 billion for grants and loans for new and upgraded electric transmission lines to integrate clean energy and improve the grid’s resilience. An additional $800 million would be provided for grants to facilitate siting of transmission lines.
- $1 billion for grants to states supporting electric vehicle infrastructure deployment.
- $300 billion in clean energy tax incentives, including extending the Production Tax Credit (PTC), Investment Tax Credit (ITC), individual renewable credits and creating new credits for clean electricity, zero-emission nuclear power, clean hydrogen, electric vehicles, and advanced manufacturing facilities.
- New fees on oil and gas extraction and emissions, including a fee on methane emissions from the oil and gas industry.
For additional information on the House Budget Reconciliation package, visit: https://www.congress.gov/bill/117th-congress/house-bill/5376