What does the US climate package mean for the economy

What does the US climate package mean for the economy
Installation of solar panels in Queens, New York

US President Biden wants to support renewable energy with billions.

(Photo: AP)

New York, Dusseldorf The climate and social package was a central part of US President Joe Biden’s agenda, but it has repeatedly threatened to fail. In the end, the $433 billion investment program was passed by a wafer-thin majority of 51 votes to 50.

Below is an overview of what the package means for the economy.

What are the key points in the field of renewable energy?

Democrats in the US Congress are full of praise. “Very few laws will have the effect of this climate law, not only for the United States but for the world,” Senator Edward Markey said.

The package provides for an additional expenditure of $ 433 billion. It is the nation’s first major climate law, as the New York Times noted. This is expected to help reduce US greenhouse gas emissions by about 40 percent by the end of the decade compared to 2005 levels.

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