The surprise climate deal struck between Democratic Sens. Joe Manchin (W.Va.) and Chuck Schumer (N.Y.) this week could transform the U.S. energy sector, slashing emissions and delivering historic investments in clean technologies — although it meets many demands of GOP lawmakers and conservative Democrats on fossil fuels.

The $369 billion “Inflation Reduction Act” contains new funding provisions and broad policy changes for nearly every segment of the energy sector, including wind, solar, hydrogen, carbon capture, and oil and gas.

In a press briefing yesterday, Manchin framed the new agreement — which would force the White House to hold several offshore lease sales — as a measure to bolster U.S. energy security.

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