It is potentially very good news for, among others, European companies such as Vestas and others with a focus on the green transition, that the American Democratic Party on Wednesday reached an agreement on a climate and energy package of 369 billion USD, which the party hopes to be able to vote through the American Senate in the near future.
To vote the package through, an absolute majority in the Senate is needed. Currently, the situation is 50 seats for the Democrats and 50 for the Republicans. Therefore, all Democrats need to vote in favor, so that Vice President Kamala Harris can cast the decisive vote.
Until Wednesday, one of the 50 Democratic votes has been uncertain, as West Virginia's senator, Joe Manchin, has been vague in his support for the proposal, as he wanted more security for the fossil fuel industry, as West Virginia is rich in fossil fuels. However, that certainty now seems to have been achieved, and the majority of the agreement is thus secured, writes The Guardian.
Happy President
The unity in the party not surprisingly pleases Democratic President Joe Biden.
- We will improve our energy security and tackle the climate crisis – by providing tax breaks and investments in energy projects. This will create thousands of new jobs and help lower energy costs in the future, the president said in a statement issued by the White House. The president also urged the Senate to approve the bill as soon as possible.
The bill also includes other initiatives to combat inflation and lower costs for American families. But for energy companies, Democrats hope that the agreement will secure investments in domestic energy production and reduce emissions by about 40 percent by 2030.
If the agreement is voted through in the Senate, it must also gain a majority in the House of Representatives, where Democrats also have a majority.
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