President Biden passed a new initiative law that will accelerate climate initiatives. Utility companies always had the stance of fighting federal regulators over emissions due to profiteering. But the new stance of utility companies is in favor of the new government initiatives because of the sheer amount of money the government is putting into these new programs.
This simply shows that the Biden administration’s commitment to engaging in profitable policy for utility companies, and future industries, can help bolster the industry in support of the new strategic climate goals.
If Biden’s recent initiative could help provide incentives and lead companies to pursue the administration’s goals, then why not do it? The inevitable question arises — is it ethical for government to pass legislation that makes it unreasonable for companies not to follow current policy or should these companies be able to set their own guidelines in the free market?
The Impact of the Inflation Reduction Act
The Inflation Reduction Act provides industry-specific subsidies, mainly for utilities, by giving tax breaks and a huge amount of money to the industry to follow climate initiatives. It is a 10-year plan, and it will help accelerate the need for the United States to meet its deadlines for the climate.
Why Climate Change?
Climate change affects all life on Earth, from humans, to animals, and valuable ecosystems. Climate change can lead to rising sea levels and volatile weather patterns that can prove to be extremely destructive. This is all caused by global warming, an increase in the temperature, of the climate.
Climate change could also affect our food supplies through extreme and unpredictable weather patterns. Long periods of droughts, wildfires, rising sea levels, and extreme weather events are all key causes to address climate change head-on.
As individuals on this planet, it is our duty to take care of the globe and to make sure the planet is better off for our grandchildren and future generations.
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