Saturday, November 9, 2024

Will big business rescue the Democrats’ climate law?

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There’s one reason Republicans might not rush to dismantle President Joe Biden’s climate law should they get the chance: big business.

The GOP, which has long heralded limited government and fiscal prudence, might be persuaded not to rescind hundreds of billions of dollars in green subsidies and clean energy programs in the Inflation Reduction Act, should the party control both chambers of Congress and the White House next year.

Two trade groups whose campaign arms overwhelmingly back Republican candidates — the U.S. Chamber of Commerce and the American Petroleum Institute — are already gearing up to preserve the law, even though both organizations largely opposed the Democratic-led legislation two years ago.

“Business is going to defend the Inflation Reduction Act,” said Christopher Guith, senior vice president at the Chamber’s Global Energy Institute, adding that the Inflation Reduction Act is instrumental for “energy security, competitiveness, and the business case for the energy transition.”

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