Human interference with our environment has had many negative consequences on our planet. One of the biggest issues that we face today is climate change and the consequences associated with global warming. The intensity of natural disasters like hurricanes, wildfires, and flooding act as an active indication that we need to act fast! A solution to combating the climate crisis is policy change and educating the public on the severity of the issue. Our ability to communicate with our elected officials will guide us to reducing carbon emissions and transitioning more towards renewables. With Gen-Z drastically increasing voter turnout, politicians are paying close attention to the policies that younger voters gravitate towards. You can voice your desire for climate legislation by calling your state elected representatives!
Biden’s Inflation Reduction
On August 16, 2022, President Joe Biden signed the Inflation Reduction Act into law. The Inflation Reduction Act is known as the largest climate investment and action taken in U.S history. The Act commits $369 billion in funding for combating climate change through the Biden Harris Administration’s plan to drastically cut down on pollution. The historic legislation not only focuses on clean energy, but it also aims to lower healthcare costs.
Electric Vehicles
In the United States, transportation is a leading attribute that impacts climate pollution. The legislation aims to lower energy cost while also expanding cleaner production. For example, Biden extended the up to $7,5000 tax credit to make the transition to new electric vehicles more affordable and accessible to citizens. While buyers can receive up to a $4,000 tax credit for used EVs. With the IRA, the 200,000 electric vehicle cap is now gone which means GM and Toyota are eligible for the tax credit again.
The Inflation Reduction Act has shown to be one of the Biden Administrations many environmental successes as competition have drove automakers to reduce their Electric Vehicle prices. After conducting an Electric Vehicle capstone project, the cost of electric cars and range anxiety act as the biggest barrier between consumers and their willingness to purchase an electric vehicle. With the Lucid Air and Ford F-150 EV Lightning, there has often been a misconception that electric vehicles are only produced by luxury automakers. However, with policy support, battery-powered car sales have been rising on a global scale which has caused competition among automakers. On January 30, 2022, Ford announced that the price of the Ford Mustang Mache-E will be cut my more than $5,000. The Ford CEO also announced that they will be increasing production while reducing the price of the Mach-E. The chain reaction of automakers adjusting prices comes after the Inflation Reduction Act caps the retail price of an electric vehicle that can be included for the tax credit. Sedans under $55,000 and SUVs under $80,000 can qualify for Biden’s EV tax credit. With consumers across the U.S looking for affordable and reliable Electric Vehicles, the EV price war may be coming soon.
A recent assessment conducted by the U.S Department of Energy shows that the Inflation Reduction Act and the Bipartisan Infrastructure Law will help drastically reduce carbon emissions by “40 percent below 2022 levels in 2030.” This will help reduce the social cost of climate change while also producing clean energy jobs.
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