The Biden Administration in the U.S. just recently passed its landmark Inflation Reduction Act, an important piece of legislation as our neighbours to the south continue to feel the pinch of inflation that has gripped the world, much like Canada.
However, one of the most important parts of this legislation, and the part that will actually be of significant interest to people across Northern Ontario is how much the administration is investing in green energy, and how this will be a significant boon to the mining industry across the region and throughout the country.
As part of the Inflation Reduction Act, the U.S. has earmarked $369 billion in climate and energy provisions to transition the U.S. economy further towards green, sustainable energy. The goal, at least regarding the investments in clean energy adaptation, is to reduce the country’s greenhouse gas emissions by 40 percent below 2005 levels by 2030.
The bill represents the U.S. Government’s greatest investment in green energy in history, and includes the development and increased production of electric vehicles, expanding wind and solar energy, and building the technology to further reduce their dependence on fossil fuels.