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US Senate Passes Inflation Reduction Act to Meet Climate Targets

US Vice-President Kamala Harris broke a 50:50 tie in the Senate last night, voting in favour of the Inflation Reduction Act. The legislation includes a planned US$369 billion investment in combatting climate change, strengthening energy security and creating jobs across domestic clean energy projects, including manufacturing solar panels, wind turbines and electric vehicles. The act will also limit healthcare costs and the national deficit. It is now slated to pass through the House before President Joe Biden can sign it into law. Ani Dasgupta, President and CEO of the World Resources Institute, said: “Major companies have rallied behind the Inflation Reduction Act because they see how it will create business opportunities and keep America competitive in the rapidly growing clean energy economy. This legislation isn’t a panacea for climate change – and no bill ever will be. US states, cities and the private sector all need to step up their efforts for the US to fulfil its climate targets and prove to the world that America stands by its word.”

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