Is America’s Climate Policy Helping—or Hurting—the World?
A climate envoy who has advised four U.S. presidents responds to European and Asian complaints over the Inflation Reduction Act.
Last August, when the United States passed the curiously titled 2022 Inflation Reduction Act (IRA), most economists knew the law would, in fact, have a minimal impact on inflation. The real impacts would be felt in matters related to climate change and clean energy. The IRA would help the United States nearly halve its carbon emissions from 2005 levels by 2030, provide massive tax credits to programs investing in clean energy, and foster competition through grants for carbon-reduction efforts.
Ravi Agrawal is the editor in chief of Foreign Policy. Twitter: @RaviReports
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