What does the US climate package mean for the economy

New York, Dusseldorf The climate and social package was a key part of US President Joe Biden’s agenda, but it has repeatedly threatened to fail. In the end, the investment program — worth $433 billion — passed by a slim majority of 51 votes to 50.

Here is an overview of what the package means for the economy.

What are the main points in the field of renewable energies?

Democrats in the US Congress are full of praise. “Very few laws will have an impact on this climate law, not just for the United States but for the world,” said Senator Edward Markey.

The package provides for additional spending of $433 billion. It’s the nation’s first major climate law, as noted by the New York Times. It is expected to help reduce US greenhouse gas emissions by about 40 percent by the end of this decade compared to 2005 levels.