Congress sets sites on climate change in Covid relief bill

Advisors

Patrick Pleul/picture alliance via Getty Images

The coronavirus relief bill passed by Congress toughens rules around use of a common heat-trapping chemical and funnels billions of dollars into renewable energy.

The measures, attached to a year-end government funding bill, were hailed by some lawmakers as among the most significant Congress has approved to combat climate change in many years.

More from Impact Investing:
Climate funds hold less than 1% of 401(k) money. Here’s why
BlackRock, $7 trillion money manager, puts climate at center of strategy
Here are some investing options for 2021 — with climate change in mind

The legislative package, which now awaits President Donald Trump’s signature, would cut the country’s production and consumption of hydrofluorocarbons by 85% over 15 years.

The chemical, commonly used in refrigerants like air conditioners and refrigerators, traps heat more readily than planet-warming gases like carbon dioxide.

Chuck Schumer, D-N.Y., the Senate minority leader, said last week that passing the chemical-reduction measure would be the “single biggest victory in the fight against climate change to pass this body in a decade.”

The bill also has measures promoting technology to capture and store carbon produced by manufacturing and power plants, and would cut diesel emissions from certain vehicles.

“All three of these measures will protect our air while keeping costs down for the American people,″ said Sen. John Barrasso, R-Wyo., who chairs the Senate Environment and Public Works Committee.

The bill also allocates $35 billion for clean energy power from wind, solar and other sources, according to The New York Times.

Articles You May Like

How Vuori reached a $5.5 billion valuation by taking share from Lululemon
Biden forgives $4.28 billion in student debt for 54,900 borrowers
Investors are putting more into their 401(k)s — here’s the average savings rate
CFPB takes aim at ‘bait-and-switch’ credit card rewards — consumers forfeit about $500 million worth each year
Starbucks baristas strike in three U.S. cities during pre-Christmas rush

Leave a Reply

Your email address will not be published. Required fields are marked *