US President signs major climate change and health care legislation

Tags: International News

US President Joe Biden has signed a historic climate change and healthcare spending bill into law on August 16.

IMPORTANT FACTS -

• This law will go a long way in reducing health care costs and combating climate change.

• According to the White House, the $740 billion investment bill is the largest commitment to combat climate change in the country's history.

• The White House claimed that Biden's Inflation Reduction Act would reduce greenhouse gas emissions by nearly a billion tons in 2030.

• This law is ten times bigger than any climate law ever enacted.

• The bill provides for significant investment in renewable energy through wind and solar power projects and heavy tax credits for electric vehicles.

• The law would also stipulate the cost of the drug for Medicare recipients in excess of $2,000 annually.

• The new law will also help the nearly 13 million Americans pay for their health insurance.

Similar climate packages announced by other countries :

• In May 2022, Japan announced an ‘Invest in Kisida’ plan.

• ‘Invest in Kisida’ plan aims for a $1.1 trillion investment to bolster the Japanese economy.

• Japan aims to transition to clean energy and reduce greenhouse gas emissions by 46 percent by 2030.

• In June 2021, the European Union (EU) proposed a similar 'Fit for 55' plan to reduce emissions by 55% by 2030.