Consolidated Appropriations Act of 2021: Energy Financial Incentives

President Biden has announced ambitious energy and environmental goals in an effort to combat the effects of climate change. Many of the president’s goals hinge on increasing support for alternative forms of energy production, increased use of low or zero emissions vehicles and fuels, as well as investment in and deployment of carbon reduction technologies, such as carbon capture and storage (“CCS”). While it remains to be seen what the new administration may seek from Congress in terms of further legislative support, the appropriations and stimulus act passed by Congress and signed into law by the prior administration at the end of 2020 lays the groundwork for the Biden administration, through the Department of Energy, to provide financial support for and form partnerships with the private sector to help meet the administration’s climate goals.