The Build Back Better Act that focuses on clean energy and sustainability faced abolition when its proprietor, Senator Joe Manchin, announced backing away from the project. It caused one of the largest turnouts in the electric vehicle and solar companies, with the massive industry plummeting in its market stocks and investments.
Build Back Better Act: Abolition Cause Stock to Dip
The Build Back Better Act is now looking to abolish the bill to help the clean energy industry receive tax incentives for people switching to it. Also, it allows companies to avoid massive taxes, especially as they launch their products as the new focus of the country and its citizens, going towards clean energy.
Its cancellation caused several clean energy companies, solar companies, and EV manufacturers to feel the decline it is meant to experience. Tesla, Rivian, Sun Power, First Solar, and Solar Edge are among the ones that faced significant decreases to their stocks, with some losing as much as 20 percent to their previous progress.
Joe Manchin Pulls the Rug from Under BBB
According to Seeking Alpha, Senator Joe Manchin pulled away from the bill. This change alone brought a dent to the industry, showing a politician's influence over this bill.
Manchin pulling the rug is one of the most prominent plot twists of the year for the clean energy industry, something its sector did not see coming.
Electric Mobility, Clean Energy's Importance
The country has focused on different ventures towards clean energy already. It has brought a lot of opportunities for people to advocate switching to sustainability and urge others to follow. Various laws, bills, or acts also helped pave the way for the clean energy industry, jumpstarting the focus on going sustainable and clean.
The importance of clean energy and sustainability cannot be exaggerated more these days, as it is a known fact that the world is already suffering from a climate crisis that needs immediate solutions. There is no need to look at charts or studies to understand the changes in the environment, as one can feel it when they step outside and see the drastic changes.
The Build Back Better Act would supposedly be one of the many important laws to help the clean energy industry prosper in the country, focusing on more opportunities for the move. EV companies like Tesla and Rivian suffer as their stocks drop, but that is not the only tragedy here.
The loss of support from a politician with massive stakes in the country is also a defeat for the environment.
Read also: NASA, USGS Landsat-9: First Images Releases, Helping Humans Understand More of the Climate Crisis
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Written by Isaiah Richard
