There is much to celebrate about the Inflation Reduction Act, a bill introduced last month by Senate Democrats that had been agreed upon by both Majority Leader Chuck Schumer and Sen. Joe Manchin. It was Manchin who stood in the way of prior climate deals and, though the West Virginia senator’s fossil fuel interests are clearly taken care of in this latest piece of legislation, there are a whole lot of meaningful climate provisions that actually help the country reduce its emissions. According to data shared with The New York Times by the REPEAT Project, the Inflation Reduction Act would reduce nationwide emissions to around 41% below the peak levels seen in 2005 by 2030—a far more substantial reduction than if the legislation fails to pass.
Much of that reduction has to do with the $369 billion the bill will allow to be invested in climate solutions, funding projects that tackle drought mitigation and resilience, offering consumers tax credits for new and used electric vehicles, providing funding to rural and marginalized communities to drive additional renewable power development, and providing tax credits for more energy efficient buildings. Multiple studies analyzed by Inside Climate News provide similar figures as the REPEAT Project. All such analyses account for the less-than-helpful measures also tacked onto the Inflation Reduction Act that likely caught Manchin’s attention and earned his support.
