THE INFLATION REDUCTION ACT IS A NEW LEASE ON U.S. CLIMATE POLICY: LET’S NOT SCREW IT UP
15 min readSep 14, 2022
- The Inflation Reduction Act (IRA or Act) is the most comprehensive climate-related legislation in U.S. history.
- The Act invests $369 billion dollars for climate and clean energy measures. It also provides billions of dollars to expand low-income health care subsidies and limits drug costs for seniors.
- The bill rises to the challenge of climate change by encouraging the adoption of clean energy alternatives through positive reinforcement of climate-wise choices, e.g., tax credits, investment incentives, and consumer rebates.
- The law subsidizes the building of new pipelines, provides new oil and gas leasing opportunities, and incentives for carbon capture technologies, and methane reduction.
- The Act provides $47 to $60 billion for environmental justice initiatives[i].
- The legislation reduces federal deficit spending through corporate tax hikes.
- The bill is not without its detractors — both in and out of the climate activist community.
- The IRA should be considered in conjunction with the bipartisan Infrastructure Investment and Jobs Act (IIJA)and the CHIPS and Science Act.
- Implementation of the Act’s various parts requires…
