Inflation Reduction Act: billions for climate protection

Aug. 16, 2022

USA President Joe Biden has signed the Inflation Reduction Act (IRA), which provides for diverse climate change investments totaling $369 billion over 10 years. Inter alia, the money will go to businesses, disadvantaged communities, and research in the form of tax credits and grants, among other things. Overall, the budget is intended to help increase renewable energy production and reduce greenhouse gas emissions. Reactions to the IRA have been mixed: while observers, on the one hand, see the law as an important signal to the states in the context of the Paris Agreement, critics consider, among other things, the content of the law to be questionable and wasteful with regard to some provisions.

NEXT STEP: The law's signing is now to be followed by specific regulations flanking the IRA in its concrete implementation.

Source: US Council on Foreign Relations

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