{"id":1607433,"date":"2022-08-15T18:32:24","date_gmt":"2022-08-15T22:32:24","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1607433"},"modified":"2022-08-15T18:32:34","modified_gmt":"2022-08-15T22:32:34","slug":"money-swells-into-climate-stocks-as-biden-gears-up-to-sign-740-billion-bill","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/money-swells-into-climate-stocks-as-biden-gears-up-to-sign-740-billion-bill\/","title":{"rendered":"Money Swells Into Climate Stocks As Biden Gears Up To Sign $740 Billion Bill"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmoney-swells-into-climate-stocks-as-biden-gears-up-to-sign-740-billion-bill%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1607433&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Investors are pouring money into <a href=\"http:\/\/dailywire.com\/topic\/climate-change\" target=\"_blank\" rel=\"noopener\">climate <\/a><a href=\"http:\/\/dailywire.com\/topic\/stock-market\">stocks<\/a> as President <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\">Joe Biden<\/a> prepares to sign the $740 billion <a href=\"https:\/\/www.dailywire.com\/topic\/inflation-reduction-act\" target=\"_blank\" rel=\"noopener\">Inflation Reduction Act<\/a>.<\/p>\n<p>Marking a victory for the Biden administration\u2019s domestic agenda and the end of negotiation bottlenecks among Senate Democrats, the legislation earmarks a total of $369 billion to combat \u201cthe existential crisis of climate change,\u201d according to recent <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/08\/07\/statement-by-president-biden-on-senate-passage-of-the-inflation-reduction-act\/\">remarks<\/a> from Biden.<\/p>\n<p>As the climate sector prepares for an influx of capital, research firm Morningstar Direct <a href=\"https:\/\/www.cnbc.com\/2022\/08\/15\/investors-flock-to-green-energy-funds-as-congress-passes-climate-bill.html\">revealed<\/a> that investors have already poured $425.5 million into renewable energy exchange-traded funds. In the entire month of July, investors placed $112.8 million into such assets.<\/p>\n<p>Indeed, iShares\u2019 Global Clean Energy ETF has risen 23% over the past month, while Invesco\u2019s Global Clean Energy ETF has risen 22% over the same horizon.<\/p>\n<p>A <a href=\"https:\/\/www.schumer.senate.gov\/newsroom\/press-releases\/just-back-from-dc-schumer-outlines-historic-passage-of-inflation-reduction-act-and-its-impact-on-upstate-new-york-from-reducing-rx-costs-for-over-37m-ny-ers-lowering-utility-bills-closing-tax-loopholes-for-big-corps-fighting-climate-crisis-creating-new-jobs-rebuilding-american-manufacturing_more--\">fact sheet<\/a> from the office of Senate Majority Leader Chuck Schumer (D-NY) claimed that the Inflation Reduction Act will create 9 million jobs across the United States while bringing \u201cmanufacturing of clean technology like solar panels, wind turbines, batteries, and much more back to America.\u201d Among other items, the legislation funds $160 billion in clean electricity tax credits, $43 billion in production tax credits, and $40 billion in tax credits to make buildings more energy efficient.<\/p>\n<p>Yet the $7,500 tax credits for electric vehicle purchases \u2014 a key promise of the Biden administration \u2014 already appear to have backfired. Citing \u201csignificant material cost increases and other factors,\u201d Ford <a href=\"https:\/\/media.ford.com\/content\/fordmedia\/fna\/us\/en\/news\/2022\/08\/09\/ford-f-150-lightning-standard-range-increased.html\">announced<\/a> that it would increase prices between $6,000 and $8,500 for its electric vehicle lineup as the legislation advanced through Congress. GM likewise <a href=\"https:\/\/www.cnbc.com\/2022\/06\/17\/gm-is-raising-the-price-of-its-hummer-ev-starting-this-weekend.html\">increased<\/a> the cost of its electric Hummer by $6,250 last month.<\/p>\n<p>The price hikes appear to undermine White House officials\u2019 argument that electric vehicle tax credits \u2014 combined with elevated gas prices \u2014 will accelerate renewable energy adoption in the United States. \u201cThe more pain we are all experiencing from the high price of gas, the more benefit there is for those who can access electric vehicles,\u201d Transportation Secretary Pete Buttigieg <a href=\"https:\/\/www.dailywire.com\/news\/pete-buttigieg-tells-americans-how-they-can-channel-their-pain-at-the-pump\">argued<\/a> before House Transportation and Infrastructure Committee members last month.<\/p>\n<p>The national average price of gasoline was $2.38 per gallon when Biden assumed office, according to the <a href=\"https:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=PET&#038;s=EMM_EPMR_PTE_NUS_DPG&#038;f=W\">Energy Information Administration<\/a>, and increased to $3.53 per gallon by the start of the Russian invasion of Ukraine. Prices surpassed <a href=\"https:\/\/www.dailywire.com\/topic\/gas-prices\">$5.00 per gallon<\/a> in early June before subsiding to $3.96 per gallon as of Monday, according to <a href=\"https:\/\/gasprices.aaa.com\/\">AAA<\/a>.<\/p>\n<p>Energy Secretary Jennifer Granholm has nevertheless argued that \u201cthe only way\u201d out of \u201cboom-and-bust cycles\u201d in energy prices is \u201cdeploying clean energy.\u201d<\/p>\n<p>\u201cThe real truth is that as long as our nation remains overly reliant on oil and fossil fuels, we will feel these price shocks again,\u201d Granholm said at a June press briefing. \u201cThis is not going to be the last time. The next time there\u2019s a war, the next time there\u2019s a pandemic or another hurricane, these extreme weather events we are experiencing \u2014 they will impact the access that we have to fossil fuels.\u201d<\/p>\n<p>Indeed, Biden <a href=\"https:\/\/joebiden.com\/clean-energy\/\">favors policies<\/a> meant to promote green energy even as his administration canceled an oil and gas lease sale in Alaska and <a href=\"https:\/\/www.dailywire.com\/news\/peter-doocy-asks-for-a-straight-answer-on-keystone-gets-the-runaround-from-jen-psaki\">refused<\/a> to greenlight the expansion of the Keystone XL Pipeline upon his entrance into office.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investors are pouring money into climate stocks as President Joe Biden prepares to sign the $740 billion Inflation Reduction Act. Marking a victory for the Biden administration\u2019s domestic agenda and the end of negotiation bottlenecks among Senate Democrats, the legislation earmarks a total of $369 billion to combat \u201cthe existential crisis of climate change,\u201d according &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1607517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1607433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1607433","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1607433"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1607433\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1607517"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1607433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1607433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1607433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}