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Chinese clean energy companies risk losing tax benefits under the Inflation Reduction Act if the One Big Beautiful Bill becomes law, following its narrow passage in the U.S. House of Representatives.
The One Big Beautiful Bill Act, a budget reconciliation package supporting President Donald Trump’s policy agenda, passed the House of Representatives by one vote early Thursday. The legislation includes provisions that would exclude Chinese clean energy firms from tax incentives established under the Inflation Reduction Act (IRA).
The IRA, signed into law by President Joe Biden in 2022 and sometimes called the “Green New Deal,” offers tax credits to clean energy producers and manufacturers, especially those involved in electric vehicle batteries, battery storage, solar, and wind energy.
China dominates global solar manufacturing, with eight of the top ten solar companies worldwide headquartered there, according to researchers at Photovoltaic Brand Lab. Since the IRA’s enactment, Chinese companies have invested heavily in solar projects across the U.S., totaling over a billion dollars in states including Florida, Ohio, Texas, Alabama, New Mexico, and Arizona.
Despite these investments, it remains uncertain how the new bill will affect these Chinese solar ventures, as none have publicly commented on the development.
The Solar Energy Industries Association (SEIA), which includes Chinese solar firms among its members, criticized the bill’s passage. SEIA president Abigail Ross Hopper described the proposed changes as “unworkable” for solar deployment and warned of rising electricity costs and increased risk of blackouts without continued solar growth, a sector where China plays a dominant role.
However, U.S. residential electricity prices have risen from 12.65 cents per kilowatt hour in 2015 to 16.48 cents in 2024, despite record levels of solar installation, according to the Energy Information Administration.
The bill now heads to the Senate, where China solar importers are urging lawmakers to reconsider and amend the proposed restrictions.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Snapchat will start charging users who store more than 5GB of photos and videos in its Memories feature, prompting backlash from long-time users.
Billionaire investor and philanthropist Bill Gates called on world leaders on Tuesday to adapt to extreme weather and focus on improving health outcomes rather than temperature reduction targets ahead of the COP30 climate talks in Brazil.
Three people have died in Jamaica as Hurricane Melissa, possibly the island’s strongest storm ever, approaches with “catastrophic” conditions, warn U.S. meteorologists.
A 6.1-magnitude earthquake struck the Sındırgı district in western Türkiye’s Balıkesir province late on Monday, according to the country’s Disaster and Emergency Management Authority (AFAD).
As Hurricane Melissa barrels towards Jamaica as a powerful Category 4 storm, questions often arise about how these tempests get their names.
The U.N. weather agency plans to cut some posts and is reviewing its priorities as dozens of countries, including the United States, are late with their fees, a spokesperson said on Friday.
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