August 15, 2022
Source: Maryland Matters
On Aug. 7 the U.S. Senate passed the historic climate legislation package hammered out between Senate Majority Leader Chuck Schumer and West Virginia Senator Joe Manchin. The House followed suit on Friday, giving President Biden a huge win on one of his administration’s priorities and finally making good on his pledge to tackle climate change.
The bill is titled the Inflation Reduction Act (IRA), apparently because the senators think inflation is the only thing most Americans care about right now. But whether it reduces inflation is beside the point. The IRA marks the federal government’s most significant investment in clean energy and transportation ever. Its $370 billion of climate spending will cut U.S. emissions roughly 42% below 2005 levels by 2030, only slightly less than the reductions that would have been achieved through Biden’s signature Build Back Better bill.
Read more: Opinion: This federal bill is going to supercharge Maryland’s energy transition