WASHINGTON (August 12, 2022) – Today the U.S. House of Representatives passed the Inflation Reduction Act, sending the legislation to President Biden for signature.
Once signed into law, the climate and clean energy measures will help the U.S. achieve its 2030 emissions reduction target, make historic investments in environmental justice and equity, and ensure progress toward the country’s goal to reach net-zero emissions by 2050. The U.S. still needs to deliver on other international climate commitments such its pledge to provide $11.4 billion per year to support climate action in developing countries.
Following is a statement from Dan Lashof, Director, WRI United States:
“Today the House of Representatives passed the Inflation Reduction Act, the most transformative piece of climate legislation in United States history. The legislation’s historic climate and clean energy investments will reduce emissions by one billion tons and deliver a plethora of benefits for all Americans, including millions of good-paying jobs and substantial cost-savings.
“The legislation’s climate measures put the United States within reach of achieving its 2030 emissions reduction target. Paired with additional actions by the federal government, states, cities and the private sector, the U.S. can fully meet its climate goal.
“Strong domestic climate legislation in the United States will inspire other countries to step up their game. It will also be important for Congress to provide more financial support to vulnerable countries on the frontlines of the devastating impacts brought on by the climate crisis. Last year, the Biden administration pledged $11.4 billion annually by 2024 for vulnerable countries to transition to clean sources of energy, protect forests, and better shield themselves from blistering heat waves, floods, fires and more.
“Congress should build on the Inflation Reduction Act by fulfilling the U.S. pledge to support vulnerable countries. The administration, states, cities, and the private sector should also seize the opportunities created by this landmark legislation to achieve the U.S. emissions reduction pledge.”