Biden struggles to convince Americans of energy transition law a year after passage - LBCI Lebanon

Biden struggles to convince Americans of energy transition law a year after passage - Lebanon News

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He even admitted that he would have chosen a different name for it if he had the opportunity to modify it. The plan is an ambitious project aimed at accelerating the United States' transition towards clean energy, rebuilding its industrial strength, and promoting social justice. When Biden signed the plan, estimated to cost $750 billion, into law on August 16, 2022, the world's largest economy was grappling with the repercussions of rapid inflation, which significantly affected the popularity of the Democratic president. The label "Inflation Reduction Act" (IRA) was rational at the time, although it primarily aimed to accelerate the transition to clean energy through around $350 billion in government subsidies and tax exemptions. During a recent meeting with donors in Utah, Biden stated, "I wish I hadn't named it that way, because it's not really about inflation as much as it is about providing alternatives that stimulate economic growth." The meeting took place a day after Biden (80 years old) unveiled a sustainable energy project, part of his larger vision, which he described as the embodiment of the "Inflation Reduction Act." Biden intends to run for a second term in the White House in 2024. In neighboring New Mexico, the project includes the construction of wind turbines to generate electricity on a site that used to house a plastic manufacturing plant. The state has been grappling with the destructive effects of climate change, such as wildfires and extreme temperatures. The White House has indicated that since the approval of the Inflation Reduction Act, it has spurred private investments in the clean energy sector amounting to $110 billion. The plan has raised concerns among Europeans and other allies about its stated goal of achieving Washington's industrial independence. Laurie Bird from the World Resources Institute's Environmental Group referred to the law as "the most important legislation in the climate and clean energy field in the history of the United States." She explained that the incentives it offers are "designed to last for a decade" and its effects are "supposed to endure even longer." According to a study conducted by nine teams of American researchers, the law is expected to reduce emissions in the United States by 43 to 48 percent by 2035, compared to 2005 levels. This percentage remains below the declared target of US officials to cut emissions in half by 2030. Many environmental activists believe that achieving this goal will require a combination of financial incentives and regulatory sanctions. However, the latter may face significant obstacles if they are challenged before the Supreme Court, dominated by conservatives. Currently, the urgent concern for President Biden is finding ways to capitalize on these measures before the presidential elections in November 2024. He refers to this approach as "Bidenomics," which relies on the current state of the US economy, in addition to the partial reliance on the Inflation Reduction Act and massive investment programs in technology and infrastructure. The majority of Americans have only been vaguely familiar with the promises of these programs: supporting quantum computing to compete with China, producing millions of electric cars and creating parallel job opportunities, reducing insulin prices, and facilitating internet access... Biden told donors in Utah that "people don't realize that the changes occurring are the result of what we've done," and he considered achieving this would "take some time." The Republican Party criticized Biden's "desperate attempt to market the so-called Inflation Reduction Act," calling it a "scam." Biden mocked his Republican opponents' criticism, pointing out that they don't mind obtaining funding from the Inflation Reduction Act when it's allocated to constituencies in which they have an advantage. In a Wednesday statement, President Biden singled out Congresswoman Lauren Boebert, sarcastically noting that she "criticized its passage" but "welcomes it now" after it contributed to funding a massive wind turbine factory in her state of Colorado. 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