The Inflation Reduction Act is about to jumpstart U.S. climate policy and change the world
n July, a pair of Senators gathered reporters in the U.S. Capitol Building to deliver a message to President Joe Biden: it’s time to declare a climate emergency. It was, to be sure, something of a Hail Mary. The prospects of major climate legislation had dimmed, and the two Democrats were desperate, worried it could be years before Congress tackled climate change in a meaningful way. “Am I concerned that it will be a decade before we have a climate majority?” said Sen.
Regardless of how those battles play out, the bill will give the U.S. newfound credibility as a climate leader on the international stage and help convince other countries that the energy transition is irreversible. It’s impossible to know exactly how well every climate provision of At the core of the legislation are tax credits for companies that build wind and solar power as well as a slew of other clean energy technologies. These credits, which last for ten years, will catalyze the creation of a decarbonized energy system and serve as the driving force behind the bill’s emissions reduction. Beyond that, a range of industries will be nudged to decarbonize. Airlines will get credit for buying lower-carbon fuel.
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