Manchin U-turn boosts Biden’s climate change agenda
US Senator’s sudden support for key bill could mean higher taxes for the oil and gas sector.
US Senator Joe Manchin has reached an agreement to support the Inflation Reduction Act of 2022, boosting President Joe Biden’s climate change agenda.
The bill needs 50 Democratic senators to vote “yes” in order for it to pass, meaning Manchin’s sudden support marks a significant step forward for climate change legislation.
Previously, the West Virginia Senator had shunned support for the bill as it includes climate and tax provisions amid surging levels of inflation in the US.
However, Manchin now says the bill “provides a responsible path forward that is laser focused on solving our nation’s major economic, energy and climate problems”.
The Inflation Reduction Act of 2022 will address inflation by paying down national debt, while also lowering energy and healthcare costs.
[The Inflation Reduction Act] provides a responsible path forward that is laser focused on solving our nation’s major economic, energy and climate problems.
Energy security
According to Biden, the bill will be “the most important investment” ever made in energy security, with $369bn allocated for climate and clean energy programmes.
The Inflation Reduction Act 2022 will dedicate billions of dollars to deficit reduction by ensuring large corporations and the ultra-wealthy pay more taxes.
Manchin highlighted that the US’s persistent and increasing dependence on foreign energy and supply chains from countries that “hate” America represents a “clear and present danger and it must end”.
As such, there will be increased focus on growing US energy production and “good paying” energy and manufacturing jobs.
Manchin explained: “While this may seem like common sense, this administration’s current solution is to push forward more costly regulations resulting in less US production while inexplicably asking other nations to pump more oil and relying on Chinese President Xi for the critical minerals our economy need.”
‘Dependable’ fossil fuels
The US Senator noted that the US will not remove “dependable and affordable” fossil fuel energy before new technologies are ready to reliably carry the load.
According to Manchin, the Inflation Reduction Act of 2022 invests in the technologies needed for all fuel types to be produced and used in the cleanest way possible.
He concluded: “The question for my colleagues is whether they are willing to put their election politics aside and embrace the common-sense approach that the overwhelming majority of the American people support and will best serve the future of this nation.”
Manchin’s sudden support follows on from Biden’s speech Actions to Tackle the Climate Crisis, which reaffirmed the commitment to fight climate change.
Biden has faced a number of challenges in implementing his climate change plans.
In June, the US Supreme Court limited the country’s Environmental Protection Agency’s power to regulate and reduce carbon emissions.
