The senator from coal country hasn't doomed the planet just yet.
: “This is absolutely the most important climate policy in the package. We fundamentally need it to meet our climate goals. That’s just the reality. And now we can’t. So this is pretty sad.”But while the CEPP was deeply important to Democratic plans, it is not actually the biggest source of emissions reductions in the party’s agenda. That would be the tax credits for green power and electric vehicles, which are still very much in play.
, finding that the CEPP would likely be responsible for around one-fifth to one-third of the carbon savings in the Democrats’ proposals.“You get a fair bit of the way of the CEPP just with the tax credits,” Marc Hafstead, director of the carbon pricing initiative at Resources for the Future, told me. “I still think that those things have meaningful reductions.”
One reason the tax credits in the Democratic plan haven’t generated much attention is that, well, they’re tax credits—they sound dull. But in the end, they’re a tool for shoveling lots of funding at solar, wind, and other green power sources that has been effective in the past and could become even more so with the changes lawmakers are now proposing. Today, companies can claim tax credits for either building out new renewable sources or for generating electricity from them.
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