January 28 (Renewables Now) - The US House of Representatives this week unveiled the America COMPETES Act of 2022 that seeks to bolster the country’s supply chain and competitiveness, and includes USD 3 billion (EUR 2.7bn) for solar manufacturing.
The bill includes USD 52 billion to boost US production of chips and USD 45 billion to improve domestic supply chains.
“This legislation strengthens our nation’s supply chains so more critical goods are manufactured here in the United States instead of China,” said Energy and Commerce Committee Chairman Frank Pallone, Jr.
The bill authorises USD 3 billion -- USD 600 million a year from fiscal year 2022 through 2026 -- to help establish a domestic solar manufacturing supply chain. It envisages the provision of grants and direct loans for the construction of new solar component factories and retrofitting or expanding existing facilities.
The legislative package is the House version of the United States Innovation and Competition Act which passed in the Senate in June 2021.
In a statement on the America COMPETES Act, US president Joe Biden said: “I’m heartened by Congress’ bipartisan work so far, and its commitment to quick action to get this to my desk as soon as possible.”
(USD 1 = EUR 0.896)