Nothing we’ve done in 30 years has stopped the march toward climate collapse. Is the passage of the “Inflation Reduction Act” about to change that?
If that sounds modest, especially given the scale of the climate crisis – well, it is. In sheer dollar amount, the investment is modest too. IRA calls for spending less than $500 billion over a decade, compared with the American Rescue Plan’s $1.9 trillion in a single year. And IRA will, in theory, reduce the deficit too.
In theory, all this will carry over to international climate negotiations and give the U.S. more authority to push other nations – including China and the EU – to do more to cut their own CO2 pollution. This is problematic on many levels, especially given the U.S.’s increasingly hostile relationship with China. But the hope is that more ambitious U.S. leadership will inspire more ambition from other nations and creating what amounts to a global clean energy tsunami.
First, as one friend who has worked on climate policy for more than 30 years puts it, “the question arises as to whether rebates/tax credits are enough of a piranha to really eat into greenhouse gas emissions quickly?”
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