E2: “Sen. Manchin should reconsider.”

Credit: Third Way Think Tank

WASHINGTON – Failure to pass climate and clean energy provisions in the Senate budget reconciliation bill will hurt our economy and every American taxpayer and set the country backward in global competitiveness, according to the national nonpartisan business group E2 (Environmental Entrepreneurs).

Following reports that West Virginia Sen. Joe Manchin won’t support climate spending or tax hikes to address the growing impacts and costs of climate change, E2 Executive Director Bob Keefe made the following statement:

“For the country, for our economy, for the planet, Sen. Manchin should reconsider.

“Yes, inflation is a problem. But so are the rising costs of climate disasters, which are now costing our economy $150 billion a year. So is the double-digit rise in homeowners insurance and soaring food prices as our homes and farm crops get wiped out by wildfires, flooding, drought and other climate-related disasters.

“The budget reconciliation bill would make clean energy, electric vehicles, energy efficiency programs more affordable and more available to more Americans, while also helping blunt the rising costs of climate change and making our economy more secure.”

Not passing the reconciliation bill means:

  • Tax credits for solar and wind could disappear, making the cheapest energy available in most parts of the country less available to Americans.
  • Electric vehicle tax credits would disappear for many vehicles, keeping cars and trucks that are cheaper to operate out of reach for many consumers and businesses struggling with high gas prices at the mercy of global oil cartels and dictators.
  • Energy efficiency programs that save consumers money with every monthly power bill will not be extended or strengthened.
  • U.S. investments in clean energy innovation would decline, and tax credits to bring more clean energy manufacturing here to the US and keep the country competitive would not be restarted, just as other countries are ramping up their investments in clean energy.

According to E2, all of this would set back the fast-growing clean energy industry, which now employs more than 3.2 million Americans in every state.

For a chart detailing federal clean energy tax credits that will disappear or won’t be renewed if the legislation isn’t passed, see here.

For more details on the economic costs of climate change to our country – and the economic benefits of climate action, see here.

For a searchable database of clean energy jobs by state, county and congressional district that will be impacted by the failure of federal climate legislation, see here.

And to arrange interviews or for more information, please contact Michael Timberlake (913-645-9103, mtimberlake@e2.org) or Alex Frank (703-276-3264, afrank@hastingsgroup.com)

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E2 (Environmental Entrepreneurs) is a national, nonpartisan group of business leaders, investors, and professionals from every sector of the economy who advocate for smart policies that are good for the economy and good for the environment. Our members have founded or funded more than 2,500 companies, created more than 600,000 jobs, and manage more than $100 billion in venture and private equity capital. For more information, see www.e2.org or follow us on Twitter at @e2org.

 

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