Top administration officials are fanning out across the U.S. in a victory lap for the new Inflation Reduction Act, which President Biden calls “the most significant legislation in history to tackle the climate crisis.” America, we are told, is a global climate leader again. This narrative has serious problems.The foremost issue is that the act will have a trivial impact on climate change. The Biden administration claims the law will enable the U.S. to reduce carbon emissions in 2030 by around 40% below 2005 levels. This is less than the 50% reduction Mr. Biden promised only last year, but it still sounds impressive. One major wrinkle: Most of that cut has nothing to do with the Inflation Reduction Act.