It’s a new day in the fight against climate change, thanks to the Inflation Reduction Act. With its $369 billion in climate and clean energy investments, the IRA is the largest, most ambitious climate legislation Congress has ever passed. Multiple independent analyses show the bill will reduce U.S. greenhouse gas emissions some 40% below 2005 levels by 2030, a big step toward President Biden’s goal of cutting them in half by 2030.
It will make a difference in people’s lives, cutting energy costs and creating high-quality jobs.
It also restores U.S. leadership in international climate negotiations by signaling how seriously it takes climate change. This will lend more credibility to its calls on peer nations to do more, and hopefully will have an impact on global green investment and innovation.
Why this law is such a big deal
This sweeping legislation will help families, communities and businesses across the U.S. It will create more than 9 million clean energy and manufacturing jobs, positioning the economy to compete successfully in a $23 trillion global clean energy market.
It will also bolster our energy security by accelerating the transition to electric vehicles and clean power.
As it relates to the environment, the bill includes:
A nationwide program to reduce methane emissions. (Cutting methane emissions is the fastest way to slow the rate of global warming today.)
More than $135 billion for clean energy tax credits to ramp up solar and wind power. This could save households $500 a year in energy costs.
Tax incentives …