The word on everyone’s lips is “transformative.” Even before many of its provisions have taken effect, the Inflation Reduction Act ranks as one of the most consequential climate actions in United States history. Its $370 billion in rebates, credits, grants, loans, deductions, and appropriations forge a new political alliance between climate and labor, and end a decade-long legislative fixation on a federal carbon price. It will remake the American automotive...
In August, the U.S. Senate passed climate provisions that were immediately hailed as historic, marking President Biden’s most significant legislative achievement to date. Coming after a summer of record heat waves, floods, fires, and other catastrophes around the world, the bill sparked debate over whether its contents will meet the moment with sufficient urgency, and how much we should celebrate it as a significant, if limited, victory. Meanwhile, the viability...