Washington has handed Canada’s electric vehicle and cleantech industries a big gift, in the form of a historic climate bill that creates new incentives for American consumers to buy battery-powered cars. Now it’s just a matter of not squandering it.
This weekend, the U.S. Senate voted in favour of the Inflation Reduction Act’s US$369-billion in climate and energy spending, which supporters heralded as Washington’s largest-ever climate-change-fighting initiative.
Bonus: despite the White House’s previous plans to exclude foreign-made cars from the bill’s tax credit for electric vehicle buyers, the final legislation does not leave major trade partners like Canada on the sidelines.
The bill’s success in the Senate is a major win for President Joe Biden, after months when it appeared his green agenda was being overshadowed by fears about runaway consumer prices and a looming recession. The legislation now goes to the House of Representatives for approval before Mr. Biden signs it into law.
For the rest of this column: https://www.theglobeandmail.com/business/commentary/article-why-bidens-historic-climate-bill-could-be-a-big-win-for-canada/