Historic Climate Bill to Supercharge Clean Energy Industry
Senate Democrats delivered a dramatic win for President Joe Biden’s effort to fight climate change on August 7, passing a bill that will devote hundreds of billions of dollars to clean energy sources and speed the U.S. transition away from fossil fuels.
The Inflation Reduction Act, which had appeared to be dead just weeks ago and now heads to the House of Representatives, would accelerate U.S. emission cuts and put the country on a path to reduce greenhouse gases by 40 percent below 2005 levels by 2030, significantly narrowing the gap with the goal Biden set under the Paris climate agreement to cut that pollution by at least half by that date.