by Reinout Debergh For all the talk about a red wave – i.e. a major win for Republicans – in the run up to the midterm elections, already on election day/week it became obvious that it was not materialising (to the disappointment of Wall Street that was betting on it) [1, 2]. In the end,...
On November 8th, US midterm elections will take place with all House seats, 35 Senate seats and 36 governor seats up for election. Forecasts are close with Republicans favored to win the House, while Democrats are favored to keep the Senate. Results will strongly impact what President Biden can achieve in the coming two years.
The Senate represents the individual states with 2 senators per state. Currently, the Senate is evenly divided between political parties with Democrats dominating coastal areas and Republicans dominating the interior. Filibustering is the major obstacle to passing legislation in the senate, and by extension Congress.
The House is one of the legislative chambers in Congress and drafts and proposes legislation. Representation in the House is based on population size: states with a larger population have more representatives making it the more democratic of the two chambers. Work is largely done through standing committees, each having a specific policy area such as agriculture, natural resources, etc.
The United States passes a climate action bill with unified Republican opposition. The Inflation Reduction Act reduces climate-warming emissions, spurred by significant investments in decarbonization. Carbon-intensive drilling projects are authorized and expanded under the bill as well.
The US Supreme Court has limited EPA’s authority to regulate greenhouse gases, but leaves open options for the EPA to fight climate change. The ruling came as part of a series of rulings led by the new conservative supermajority. The basis of the ruling was the “major questions doctrine” which leaves other regulations potentially vulnerable.
Democratic Senator Joe Manchin said in an interview for Fox News on 19th of December that he could no longer support the BBBA, taking the White House by surprise. Manchin revived hopes in March by proposing a new approach which would have sufficient funding for climate provisions from the BBBA The clock is ticking for the Democrats with the Midterm elections in November, which could potentially result in Republican control over the US Congress.
The BBBA encourages energy efficiency and renewable energy while reforming fossil fuel leasing.Special attention is paid to vulnerable communities and to encourage domestic productionThe BBBA chooses incentives in the form of tax credits to promote renewable energy production rather than regulations.
The BBBA includes measures addressing road transport, shipping, aviation, rail, and cycling The emphasis is often on domestic manufacturing of technologies and vehicles Tens of billions will be spent on investments in addition to several tax credits to encourage the switch to cleaner transport
Categories North America