The recently passed Inflation Reduction Act (IRA) has attracted a lot of attention as a major piece of climate legislation, and for good reason, reports CFR.
Slashing GHG emissions by 40%
The IRA is a landmark investment in the United States’ decarbonization and climate resilience efforts, on a much larger scale than any other climate measures in the past. The White House projects it will decrease U.S. greenhouse gas emissions by about 40 percent by 2030—a reduction of about one gigaton.
Beyond its obvious benefits for the climate, the legislation also marks a major investment in American competitiveness and innovation. The IRA is designed to create a new landscape for clean energy, building in incentives that will foster technological advances and encourage domestic manufacturing. With this bill, Congress is not only trying to decrease emissions, but also to do so in a way that helps the United States emerge as a clean energy industrial powerhouse.
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