The Biden administration revealed its plans to incentivize the construction of renewable energy facilities in coal-dependent areas via the Energy Department.
Companies will be incentivized to establish new cleaner energy initiatives in energy communities, especially in coal communities, thanks to investor and manufacturing tax credits set in place through the Inflation Reduction Act and substantial bonus schemes supplied by the IRS and the Treasury Department.
Notwithstanding the fact that many fossil fuel jobs would be lost as a result of the move away from them, officials in the Biden administration have repeatedly argued that this focus on green energy will compensate for the loss.
According to the Infrastructure Bill, funding for pilot programs on active and decommissioned mine property in coal towns will get $450 million from the Energy Department. It intends to develop a refinery that might extract and isolate rare earth elements and other essential minerals from acid mine drainage, coal ash, and other mining waste. Another $16 million will fund studies conducted by West Virginia University and the University of North Dakota.
According to the Energy Information Administration, over a quarter of the country’s coal power capacity is scheduled to be decommissioned by 2029, while corporations have not revealed any intentions to build new coal plants.
Countries like China and India are quickly increasing their dependence on fossil fuels and their emissions.
Opponents argue that the White House’s efforts to restrict fossil fuel extraction would lead to a decrease in the availability of cheap energy and a chilling effect on the economy by eliminating jobs.
On his first day in office, President Biden signed an executive order abolishing an authorization for the Keystone XL Pipeline. That prompted Fox News reporter Peter Doocy to ask Jen Psaki, then-White House Press Secretary, where the thousands of laid-off workers from the project could find new employment.
Appliances like refrigerators and gas ranges must now comply with new emission regulations. The federal government has also permitted California to replace gasoline-powered heavy-duty trucks with electric vehicles over the next two decades.