Editor’s note: This story is developing and will be updated.
Sen. Joe Manchin, D-W.Va., on Wednesday said he supports a budget reconciliation bill that includes $369 billion in energy security and climate spending over the next 10 years.
“The Inflation Reduction Act of 2022 addresses our nation’s energy and climate crisis by adopting commonsense solutions through strategic and historic investments that allow us to decarbonize while ensuring American energy is affordable, reliable, clean and secure,” Manchin said in a statement.
The legislation invests in hydrogen, nuclear and renewable energy, fossil fuel and energy storage technologies, according to Manchin, who about two weeks ago scuttled a previous effort at passing climate-related legislation.
The bill will invest in domestic energy production and manufacturing and reduce carbon emissions by roughly 40% by 2030, according to a one-page summary released by Senate Democrats.
The agreement calls for comprehensive permitting reform legislation to be passed by the end of the fiscal year. “Permitting reform is essential to unlocking domestic energy and transmission projects, which will lower costs for consumers and help us meet our long-term emissions goals,” the summary said.
The bill also allows Medicare to negotiate for prescription drug prices and extends the expanded Affordable Care Act program for three years, according to the summary.