Davos 2023: U.S. Inflation Reduction Act hailed as a game changer for climate

The head of the International Energy Agency said that new legislation by the United States aimed at combating domestic inflation was the most important climate agreement since the Paris Accord wef23

IEA executive director Fatih Birol, speaking at a panel on energy security at the World Economic Forum, said the Inflation Reduction Act would drive investment into cleaner energy.Vicki Hollub, chief executive officer of U.S.

oil producer Occidental Petroleum CorpSubsidies are very important for the development of new technologies, she told the event.While European countries have welcomed the new commitment to energy transition, some have said they fear it may disadvantage their companies.

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