The big tax cut and spending law that President Donald Trump signed this month rolled back a lot of spending that tackled climate change.   

Tax credits for solar and wind projects, and for electric cars and home energy efficiency — all of these are getting phased out. The law also repealed grants and other funding for reducing greenhouse gas emissions that heat the planet.

Amy Scott from Marketplace’s “How We Survive” has been reporting on the changes. She recently spoke with “Marketplace Morning Report” host David Brancaccio. The following is an edited transcript of their conversation.

David Brancaccio: What is the bottom line for the Earth's heating climate?

Amy Scott: The law is really going to slow down the transition away from fossil fuels to cleaner energy sources, at least here in the U.S. It phases out tax credits for things like electric cars and home EV chargers, rooftop solar panels, heat pumps, making all of those things far more expensive for consumers. Commercial wind and solar projects will also now have to meet strict new deadlines to qualify for credits, and the law also increases subsidies for fossil fuel extraction. All told, an analysis by the U.K. climate site Carbon Brief estimates U.S. emissions will now drop by just 3% by the end of this decade, compared to the goal of 40% under the Biden administration.

Brancaccio: All right, so we might get 3% instead of 40%. Now, where does all this leave the U.S. versus the rest of the world? I mean, this is very much a global matter.

Scott: Yeah. Well, experts I've been talking to say it definitely hurts our standing in the world, not just in terms of climate leadership, but also economically. I recently interviewed Bill McKibben, the environmentalist and writer, and he says, in particular, China has taken a big lead on clean energy. It's currently building about half the world's capacity, and it's exporting its solar panels and EVs around the world.

Bill McKibben: We're essentially ceding the future to the Chinese, and it's possible that 20 years from now, the U.S. will be a kind of museum of coal-fired power plants and internal combustion engines, while the rest of the world has moved on to cheap, clean technology.

Brancaccio: And you said some of these tax credits don't expire right away. I guess that means folks could use them if they act soon.

Scott: Yeah, pretty quickly. If you want to buy a new electric vehicle, you have until Sept. 30 of this year — so not much time — but that's worth up to $7,500 off a new car, or up to $4,000 off of a used vehicle, depending on your income. For rooftop solar, your system has to be fully installed by Dec. 31 of this year to qualify. So experts say, you know, it's still possible. If you call around to installers, you can see how much of a credit is available to you and whether they can get you on their schedule.