What ‘Biggest Climate Law Ever’ Means for State Economy, Environment – New Hampshire Bulletin

More electric vehicles on the streets, more heat pumps in many homes, more renewable energy such as wind and solar. This country could look like this if the Federal Inflation Reduction Act is enacted.

invoice passed the Senate This week is the first time Congress has made such significant progress to address climate change. Some say it will have a positive impact on New Hampshire’s environment as well as its economy. analysis By BW Research commissioned by The Nature Conservancy.

The analysis found that federal law will send $2.6 billion to New Hampshire, create about 4,400 new jobs, and generate $350.7 million in the local economy over 10 years. The bill would also help cut emissions by 50% from her 2005 levels by 2030.

“This is the biggest climate bill ever,” said Jim O’Brien, director of external affairs at the Nature Conservancy in New Hampshire. I think you’re clearly winning.”

The bill is a compromise that includes concessions to the fossil fuel industry regarding the location of pipeline projects, including promoting projects in West Virginia, home of Senator Joe Manchin III. This has been criticized by some environmental groups. Greg Cunningham, director of the Clean Energy and Climate Change Program at the Conservation Law Foundation, said: “Government swoops in and rescues when it’s clear the permitting process isn’t designed enough to clear. is troublesome.

“If you’re offsetting clean projects with dirty ones, you’re not making progress,” he said. But the bill is unlikely to mean large-scale new gas pipelines to New Hampshire or the region, Cunningham said, adding that five of the six New England states would be less likely to use fossil fuels. passed a climate law to stop New Hampshire is an exception.

“I think ships would have sailed through the area as long as there was another potential new pipeline proposal,” said Cunningham.

The infusion of federal dollars will fund rebate programs, lower the cost of electrifying vehicles and homes, extend the clean energy tax credit for another decade, and make building new renewable energy infrastructure cheaper. The bill would also create mandates for fair wages in clean energy jobs.

“This is a pretty big deal for New Hampshire. It’s a lot of work and a lot of economic activity,” said Philip Jordan, an economist and vice president of BW Research. Jordan says significant tax incentives could dramatically reduce the cost of clean energy installations.

Many new jobs revolve around installation. That means they need to be local, unlike spending on fossil fuels that is largely sent out of state, which will help boost the state’s economy. “You’re going to need electricians, plumbers, plumbers, and so on,” says Jordan.

energy cost

Jordan said the clean energy tax credit is a key element of the compromise bill passed by the Senate on Sunday. modeling According to the Rocky Mountain Institute, such measures to accelerate the development of clean energy could reduce energy costs and save Americans as much as $5 billion annually. Developing clean energy will protect tariff payers from inflation and rising costs of natural gas, according to the institute.

Energy costs are skyrocketing in New Hampshire as the state and region rely on natural gas for both domestic heat and power, and high energy costs will be a key issue in the upcoming state and federal midterm elections. may become.

forestry and farming jobs

Jobs created by the law will spread across several sectors, such as the power industry, transportation, forestry and agriculture.

New forestry and farming jobs could be particularly impactful for the state, Jordan said. “Planting trees is paying people. It’s paying people to do regenerative agriculture and other types of carbon sequestration,” he said.

New Hampshire’s timber and logging industry has been hit hard economically in recent years, with paper mill closures reducing both jobs and the population of the north country.

The U.S. House of Representatives is expected to act on the bill within days.

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