These are the biggest technological victories in the groundbreaking climate bill

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In announcing the new agreement, Schumer claimed the legislation “sets the U.S. on the path to approximately 40% emissions reductions by 2030.” And experts agree that the bill could be a game changer in cutting the country’s emissions in the coming years, limiting warming and extreme weather events in the coming decades.

What’s on the bill?

In short, billions. The bill includes hundreds of billions in grants, loans, federal tenders and tax credits for research and development, implementation and production in clean energy, transportation and other sectors such as agriculture.

“This is the transformative clean energy and climate rescue package we’ve been waiting for,” Leah Stokessaid a professor of environmental policy at the University of California, Santa Barbara, who advises Democrats on climate law, in an interview.

A major focus of spending in the bill is clean energy deployment: There is approximately $30 billion in new tax credits for building wind, solar and other clean energy projects, as well as extensions for existing credits. There is also $60 billion in incentives for domestic production of everything from batteries to solar panels to heat pumps.

Grant increases in the bill could allow some fossil fuel and industrial plants to add equipment that prevents climate pollution, increasing the potential role of what is known as carbon capture and storage.

The bill includes $27 billion for clean technology research and development, as well as $2 billion specifically for research in national labs.

Other sectors will also receive support for climate efforts. About $20 billion has been earmarked to help reduce emissions from agriculture, and nearly $5 billion in grants for forest conservation and restoration projects.

Ryan Fitzpatrick, director of the climate and energy program at Third Way, said it is an ambitious and politically pragmatic bill designed to boost U.S. manufacturing, provide support where job sectors shift and build out the infrastructure needed to switch to cleaner, modern energy systems .