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illuminem summarizes for you the essential news of the day. Read the full piece on The Washington Post or enjoy below:
🗞️ Driving the news: The U.S. government is significantly investing in clean energy projects in former coal communities
• This initiative, part of President Biden’s Investing in America Agenda, is designed to revitalize these communities, support coal workers, and reduce reliance on foreign energy sources
🔭 The context: The Biden-Harris Administration has announced new actions to drive investments in energy communities, particularly those historically reliant on coal
• This move aligns with a broader strategy to transition from fossil fuels to clean energy, while ensuring that coal communities are not left behind in this shift
🌍 Why it matters for the planet: These efforts aim to repurpose former coal mining areas for clean energy projects, reducing pollution and creating new economic opportunities
• This approach is expected to generate significant clean energy, bolstering U.S. energy independence and sustainability
⏭️ What's next: The Department of the Treasury and the IRS have released guidance for clean energy project developers to receive bonuses on top of existing tax credits under the Inflation Reduction Act
• This incentive is expected to encourage more clean energy investment in these communities. Additionally, $450 million is allocated for clean energy projects on current and former mine lands, aiming to transform these areas into clean energy hubs
💬 One quote: “The Inflation Reduction Act ensures all Americans benefit from the growth of the clean energy economy by driving investment and creating jobs in coal communities.” (Janet L. Yellen, Secretary of the Treasury)
📈 One stat: The Department of Energy announced $450 million in funding for clean energy demonstration projects on mine lands, part of a larger investment exceeding $14 billion in federal funding for energy communities
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