John Podesta, President Biden’s Clean Energy Adviser, said the Administration was working to ensure that a record $370 billion in New Federal Subsidies is spent properly and avoids Waste and Abuse. Podesta said the White House would issue Tax Code guidelines by early next year, to speed the delivery of the Money, and was meeting with Inspectors General from across the Federal Government, to get Advice on ways to Safeguard against Fraud. “It’s always better to have a lock on the barn door than to go chase the horse once it’s out,” he said in an Interview.
The Internal Watchdog at the Department of Energy, Teri Donaldson, One of several Agencies that is receiving an influx of Money under the Inflation Reduction Act, has already warned that her Office does Not have enough Resources to properly Monitor all the Programs that will be created. Under the New Law, the Department of Energy Budget, will grow from $45.3 billion to more than $100 billion in Funds, and $336 billion in Loan Authority. Another new Law, the CHIPS and Science Act, will pump an additional $30.5 billion into the Department.
Republicans, who will take Control of the House in January 2023, have suggested that they will Investigate the Biden Administration’s handling of the flood of Tax Rebates, Loans, and Incentives under the Landmark Climate and Tax Law.
The Biden Administration’s Environmental Agenda
Climate Adaptation Policy: The Interior Department is giving money to Native American Tribes to help them Relocate away from areas that are Vulnerable to Climate Change, potentially creating a model for Other Communities around the Country.
Establishing Safeguards: The Biden Administration is working to avoid Waste and Abuse in the delivery of $370 billion in New Federal Subsidies for Electric Vehicles and other Clean Energy Technologies.
Divided Government: The Democrats’ strong showing in the 2022 Midterms ensures that Biden’s Climate Bill will be fully Implemented. But a Republican-Controlled House is likely to try to slow some elements.
Podesta, who is responsible for Overseeing the Disbursement of the Money, said complex Rules expected from the Internal Revenue Service (IRS) and other Agencies would clarify who qualifies for various Incentives and how the Money will be doled out. The Federal dollars will be consequential to Unleashing trillions of dollars in Private Sector Energy Investments, he said. “I’ve spent a fair amount of time listening to people who are anxious to invest in the United States as a result of this legislation, and are preparing business plans, assuming that those tax credits will have certainty,” Mr. Podesta said. He said the Agencies were “on track” and would begin to issue Official Guidance “by the end of the year and early next year.”
On Thursday, the White House made public a Guidebook meant to help Companies and Consumers as well as State, Local, and Tribal Governments navigate the New Law. Podesta said his aim was to create a Road Map that would especially help Communities that disproportionately face Pollution and Climate Hazards to take full advantage of the Tax Incentives. The Guidebook breaks down the approximately Two dozen Tax Provisions by Agency and Area of Investment, like Electricity, Domestic Manufacturing, Energy Development on Tribal Lands and the Deployment of Clean Vehicles. “Our challenge is to ensure that these programs are stood up, particularly given the fact that two-thirds of the support for clean energy is coming through the tax code,” Podesta said.
As the White House works to turn the New Law into Reality, the stakes are high. President Biden has promised to cut U.S. Greenhouse Gas Emissions at least 50% below 2005 levels by the End of this Decade, a Target aimed at keeping rising Global Temperatures on a trajectory that would most likely avoid the most Catastrophic Consequences of Climate Change. The ability to meet that Goal depends on how quickly the New Law helps shift the American Economy away from Coal, Oil, and Gas, and toward Wind, Solar, and other Cleaner Energy sources. It also will require New Federal Regulations to further Cut Emissions from Power Plants and Vehicles, which Podesta said would be issued “very soon.”
NYC Wins When Everyone Can Vote! Michael H. Drucker
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