Democrats’ proposed climate bill is set to be a boon for a variety of energy stocks…
On July 27, the Senate struck a deal for roughly $370 billion in climate and green energy measures.
While the budget reconciliation agreement is a more tamed version of a previous $555 billion package, backers of renewables see this as a major step in broader progress.
If passed, Senate Majority Leader Chuck Schumer said the bill would help to reduce the country’s emissions by 40% by 2030.
In this instance, it would also go a long way in boosting President Joe Biden’s efforts to decarbonize the U.S. by 2050 – as it would bolster domestic manufacturing for solar energy, electric vehicles, and batteries.
But in the more immediate term, the White House and lawmakers touted the package would improve the country’s energy security amid surging oil and natural gas prices as well.
This is particularly true if it’s soon passed through the House, which has a greater chance of receiving approval this time around.
Moderate Democrat Joe Manchin said the latest bill isn’t seeking to shut off fossil fuels. Rather, he explained that it’s geared toward hydrogen, nuclear, renewables, and energy storage for the broader market.
This means the reforms would benefit all energy infrastructure, including existing pipelines and export facilities, alongside cleaner technology investments – ensuring the U.S. could efficiently provide energy both within the country and to allied nations.
Yet, this may not be the only event that could be a boon for the energy market…
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