Category: Inflation Reduction Act

  • Experts have urged the Albanese government to not mimic the United States’ $600 billion “protectionist” Inflation Reduction Act and instead focus on industry support that will allow Australia to produce energy intensive clean exports like green steel. While the US is incentivising domestic manufacturers and energy production with generous subsidies, it is not a realistic…

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  • The Albanese government should consider a tax credit scheme that apes the US Inflation Reduction Act to drive investment in developing renewables to accelerate the energy transition, Fortescue chair Andrew ‘Twiggy’ Forrest said on Monday. The $600 billion Inflation Reduction Act (IRA) was driving investment into the US at a rate not see in decades,…

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  • The Inflation Reduction Act, the 2021 U.S. climate law abbreviated IRA, primarily reduces emissions through financial incentives, rather than binding rules. But in addition to all its well-known carrots, lawmakers quietly included a smaller number of sticks — particularly when it comes to the potent greenhouse gas methane, which has proven to be a pesky source of increasing climate pollution with…

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    This post was originally published on Latest – Truthout.

  • “You can always spot the pioneers by the arrows in their backs,” is an adage often uttered when all the best laid plans around a new, new thing don’t pan out. For decades, Australia’s tepid approach to new-to-the-world innovation, enterprise and policy has personified this kind of cultural aversion to risk. One advantage of being…

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  • The Albanese government’s response to global industrial competition like the US Inflation Reduction Act looks set to include a new multi-billion-dollar package of subsidies and co-investment for renewables an new industries. In an address to regional businesses and innovators in the coal mining Hunter Valley on Friday evening, the Prime Minister will give the strongest…

    The post PM: ‘We can go toe-to-toe’ with Inflation Reduction Act appeared first on InnovationAus.com.

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  • The Internal Revenue Service (IRS) stands to collect an additional hundreds of billions of dollars in taxes over the next decade that would otherwise likely be dodged, thanks to the agency’s new efforts to crack down on corporations and the wealthy enabled by Democrats’ infusion of funding after a steady decrease in funding over past decades by conservative lawmakers. According to a report…

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    This post was originally published on Latest – Truthout.

  • A taskforce of top officials from Treasury, the Energy and Industry Departments have spent most of the last year preparing a plan to make the Albanese government’s green energy superpower ambition a reality. The taskforce has homed in on four priority areas – critical minerals, energy generation and storage, green hydrogen and green steel –…

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  • Energy price uncertainty and skills shortages top the list of concerns for Australian industry, according to deputy Opposition leader and shadow Industry minister Sussan Ley. She says local industry had been impacted by a funding drought, with former Coalition programs shut down long before replacement initiatives like the National Reconstruction Fund and Industry Growth Program are…

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  • Polls are not a crystal ball that show us the future. Democrats learned this the hard way in 2016, when an underperformance by Hillary Clinton and the anachronisms of the Electoral College helped to deliver a surprise victory for former President Donald Trump. However, the number crunchers at FiveThirtyEight combine data from dozens of polls to create a solid indicator of political trends…

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    This post was originally published on Latest – Truthout.

  • When Australian Greens Leader, Adam Bandt raved last week about the US administration’s $1.5 trillion Inflation Reduction Act subsidy largesse for America’s green energy reindustrialisation, he again called for a $100 billion response from our federal government and a tax on fossil fuel companies to pay for it. I immediately thought of that joke about…

    The post Global push-back on net-zero demands an industrial rethink appeared first on InnovationAus.com.

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  • Back in August, just after the announcement of the National Reconstruction Fund Board, Industry and Science minister Ed Husic reminded us that “policy is shaped by the times it sits in.” Addressing the American Chamber of Commerce (AmCham), Mr Husic stressed the need for new approaches in a changed 21st Century world. “For us, a…

    The post Beyond the NRF: The nation’s search for industry policy appeared first on InnovationAus.com.

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  • The Albanese government will unveil further industrial policy measures within months in response to America’s large-scale subsidies for strategic industries, Assistant Minister for Manufacturing Tim Ayres said on Monday. Senator Ayres described the US Inflation Reduction Act (IRA) as the “largest economic policy development since the second World War”, and one that will disrupt investment…

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  • On Tuesday, the Biden administration announced that all prescription drug manufacturers representing the 10 medications selected for negotiation through Medicare under a newly enacted policy have agreed to take part in the process, which should formally begin early next year. “Today I can announce that the manufacturers of ten drugs are coming to the negotiating table to lower prices…

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    This post was originally published on Latest – Truthout.

  • A federal judge in Ohio on Friday blocked an attempt by corporate interests to stop Medicare’s historic negotiation of certain drug prices with pharmaceuticals. Medicare gained the power to negotiate drug prices as part of the Inflation Reduction Act (IRA), but the several industry groups and drug makers have sued to forestall the program, arguing that it is unconstitutional, CNN explained.

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  • Australia can use its potential as a renewable energy superpower to drive production of ‘green’ iron, aluminium and ammonia for export, but will need $60 billion to $100 billion in public investment over 20 years to get these new industries started. A new Centre for Policy Development report says government should focus on pursuing a…

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  • A new poll demonstrates that the vast majority of Americans support the Biden administration’s policy of Medicare negotiating with pharmaceutical companies to lower prescription drug prices. The Associated Press/NORC poll, conducted from September 7 to 11, asked respondents whether they favored such a program. More than three-quarters (76 percent) said that they do, while only 6 percent said they…

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  • As the cost of the climate crisis continues to rise and climate justice groups demand more government action to halt the heating of the planet, we speak with policy expert Rhiana Gunn-Wright, one of the architects of the Green New Deal. She says the Inflation Reduction Act championed by President Biden, which is the largest climate bill in U.S. history, has many provisions that “structurally leave…

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    This post was originally published on Latest – Truthout.

  • Polling data released this week shows that nearly 90% of Republican voters support allowing Medicare to negotiate drug prices directly with pharmaceutical companies. But congressional Republicans — many of whom receive substantial funding from the pharmaceutical industry — have staked out the opposite position, bashing the Biden administration’s rollout of the initial list of medications that will…

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    This post was originally published on Latest – Truthout.

  • On Tuesday, the Biden administration announced the first 10 medications it will require pharmaceutical companies to negotiate prices on, as part of a provision passed in the Inflation Reduction Act (IRA) last year to lower drug costs, particularly for seniors. Of the 10 drugs listed, four are for diabetes, while the remainder are for treating heart failure, psoriasis and arthritis, blood cancer…

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  • A recent campaign ad targeting West Virginia Senator Joe Manchin shows the centrist Democrat standing alongside President Biden, applauding the passage of the Inflation Reduction Act. Ominous music plays as the words, attributed to Biden, “I guarantee you we’re going to end fossil fuel” splash across the screen. The spot, from a dark money group aligned with Republicans, paints Manchin as a…

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  • The landmark National Reconstruction Fund is a significant achievement for the Albanese government. But since it was unveiled, the goalposts have shifted dramatically and it is no longer enough. Not by a long shot. While the US and the Europeans and even Canada have raced ahead with whole-of-economy initiatives to re-invigorate industry, build domestic capability,…

    The post Australia must respond to our changed strategic circumstances appeared first on InnovationAus.com.

  • New polling suggests that a majority of Americans want to select a president in the 2024 election who will move aggressively to address the climate crisis — and that they don’t believe President Joe Biden is doing enough on the issue. A Washington Post/University of Maryland poll published this week asked respondents whether they approved of Biden’s job performance on climate so far.

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  • As the pharmaceutical industry is toiling around the clock to destroy Democrats’ plan to allow Medicare to negotiate drug prices, a new report reveals that top industry players are raking in billions, padding their own pockets as they work to revoke benefits from millions of people. According to an analysis by Accountable.US, the five biggest pharmaceutical companies in the U.S.

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    This post was originally published on Latest – Truthout.

  • By positioning itself as an expert partner in international climate efforts, GE gains access to developing economies, propping up a system that pushes countries deeper into debt and increases their reliance on unsustainable fuels.

    This post was originally published on Dissent MagazineDissent Magazine.

  • Australia is unlikely to have a comparative advantage in exporting locally made batteries according to the Productivity Commission’s latest report, as it warns against adopting the “old-school protectionism” growing across the world. In the 49th edition of the Trade and Assistance Review, the Productivity Commission (PC) argued that “a domestic [critical mineral] processing capacity is…

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  • Republican lawmakers in the US Congress are unabashedly pro-global warming: “Bring it on! We’ve got air conditioners in our cars, offices, and homes… no sweat!” Not one Republican in Congress voted for the nation’s most inclusive climate bill of all time, the Inflation Reduction Act, not one Republican vote.

    Meanwhile, here we go again, this coming fall, with Congress in another deadline to avoid a partial government shutdown. They must pass several spending bills by September 30th when current funding expires or face another ugly quasi-default situation. Leading up to this white-knuckle drop-dead deadline, Republican lawmakers have armed themselves with a plethora of “climate poison pills” inserted into spending proposals. They hope to trim the budget by hammering climate funding.

    They want to stop Biden’s Inflation Reduction Act dead in its tracks, and climate change is a prime target for massive cuts, to hell with global warming. They don’t buy into the climate change/global warming song and dance routine, as they like to reference it.

    According to the Clean Budget Coalition, a watchdog group of advocacy nonprofits, at least seventeen (17) “poison pill” amendments have been issued to block clean energy funding. A poison pill is an amendment that weakens a legislative bill’s effectiveness and/or destroys its chances of passing.

    This brings into focus a Republican Party that purportedly represents the interests of its constituents by torpedoing bills that mitigate global warming, consequently, eliminating green jobs in red states funded by the Inflation Reduction Act. There are lots of them. 1

    Accordingly, “red states will receive $337B in investments for large solar, wind, and storage projects, Democratic states $183B” (Bloomberg News), making revenue assumptions more inclusive and beyond the Inflation Reduction Act of $375B as the act multiplies private initiatives.

    An analysis by the Rocky Mountain Institute, extending beyond renewable projects within the Inflation Reduction Act, red states will receive investments of $623B compared to $354B for blue states between now and 2030, assuming companies and consumers adopt clean technologies to meet national targets.

    However, a new amendment proposal prohibits the federal government from buying electric vehicles. Rep. Paul Gosar (R-Ariz.) explains it, as follows: “The military is no place to experiment with untested technology… The combat readiness and training of soldiers and equipment is jeopardized by the compelled use of electric vehicles.” 2

    Another amendment would prohibit R&D funding for EV charging infrastructure or solar panels within the National Defense Authorization Act.

    Another demands the Defense Dept. terminate any contracts for electric non-combat vehicles.

    Another amendment blocks the Biden executive order for federal departments to reach net-zero emissions by 2045 and reduce emissions by 50% by 2032.

    Another amendment blocks all U.S. funding under the Paris climate agreement to help developing countries.

    US Representative Paul Gosar, DDS, proposed his own solution in an October 10, 2021, tweet: “Even if climate change were real (it isn’t) there’s obviously solutions these ‘top scientists’ are ignoring. I have an ice maker in my basement. It can make gallons of ice cubes in a day. Can’t we just make a few million of these machines and replace this allegedly melting ice?”

    Of course, none of this comes as a surprise. One year ago, Biden’s Inflation Reduction Act, which contained the nation’s first-ever comprehensive climate legislation, allocating $375B on decarbonization and climate resilience over 10 years, not backed by one Republican vote, zero Republican votes in the House and zero in the Senate. Now, they want to take their Republican opposition to climate policy one step further by undermining/compromising last year’s legislation.

    The House State-Foreign Operations Appropriations Subcommittee, under the leadership of Subcommittee Chairman Mario Diaz-Balart (R-Fla.) advanced its fiscal 2024 spending bill on June 23rd including a prohibition of funding for “envoys not authorized by Congress or confirmed by the Senate.” Ipso facto, John Kerry’s position as Climate Czar will be eliminated along with his office budget of $16.7M, annually.

    The Clean Budget Coalition’s Deanna Noel responded: “The disgraceful poison pill riders are nothing short of corporate giveaways to the corrupt fossil fuel industry.” 3

    What’s going on with the lack of convincing congressional support to fight climate change as global warming clobbers the planet like never before? Elizabeth Kolbert explained the root cause in The New Yorker: “After Citizens United, according to the report (ed.-Senate Democrats’ Special Committee on the Climate Crisis) ‘Bipartisan activity on comprehensive climate legislation collapsed.” 4

    The 2010 Supreme Court decision in the Citizens United case ruled that corporations and wealthy donors could, effectively, pour unlimited amounts of cash into electioneering. And guess what happened next? They bought a bunch of sell-outs, easy-to-buy, off-the-shelf baby-kissers. Ever since Citizens United, “billionaires are sponsoring candidates like prized racehorses.” 5 They own them.

    Tech billionaire Peter Thiel is a prime example, and an answer to why so many grovel at Trump’s feet: “Thiel is a particularly alarming example. Through massive donations to super PACs, which Citizens United brought to the fore, he’s using his riches to force his fringe views into mainstream political discourse. He’s supporting candidates who spread the false claim that fraud decided the 2020 election. And his money doesn’t just force a certain type of candidate into the public eye — it also silences Thiel’s ideological opponents. By working to defeat the 10 Republicans who voted to impeach Donald Trump, for example, Thiel has deterred others from speaking out against the former president. Few politicians can afford to ignore Thiel and the threat his money holds.” 6

    That is today’s American politics at work. For three-years-running America’s highest-ranking politicians focused on phony voter fraud claims, not one shred of evidence so far, in the face of the most treacherous climate in human history, where funding cuts are now proposed.

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    This post was originally published on Dissident Voice.

  • A discussion featuring Yakov Feygin, Daniela Gabor, Ho-fung Hung, Thea Riofrancos, and Quinn Slobodian.

  • Major pharmaceutical companies are profiting immensely from the second-leading cause of death in the United States by saddling cancer patients with tens of thousands of dollars in out-of-pocket costs, often forcing them to choose between treatment and other basic necessities. But many people living with cancer in the U.S. will soon see long-overdue relief thanks to provisions of the Inflation…

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    This post was originally published on Latest – Truthout.

  • Relying on the private sector to decarbonize is a recipe for abandoning workers.

    This post was originally published on Dissent MagazineDissent Magazine.

  • The U.S.’s largest lobbying group, the conservative U.S. Chamber of Commerce, has become the second prominent group to file a lawsuit to stop a plan for Medicare to be able to negotiate the prices for a handful of drugs, joining pharma giant Merck in alleging that the plan is unconstitutional. The group announced in a statement on Friday that it is filing a lawsuit against Health and Human…

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    This post was originally published on Latest – Truthout.