A game-changing bill has been passed by the US Senate, paving the way for billions of US dollars of spending to fight climate change and reinstating the US as a credible key player in the effort to keep global warming under control, write Edward Lees and Ulrik Fugmann of the BNP Paribas Asset Management's Environmental Strategies Group.

Last week’s Senate compromise on the package of measures had come as a surprise to markets. The proposals were seen as the ‘most ambitious climate action ever taken by the US’ (New York Times) and include tax incentives to ramp up wind, solar, geothermal and other clean energy industries over the next decade.

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