During his second State of the Union address in February, President Joe Biden described historic climate investments in the Inflation Reduction Act, the environmental and infrastructure spending bill he signed into law last year, calling it “the most significant investment ever to tackle the climate crisis, lowering utility bills, creating American jobs, and leading the world to a clean energy future.”
Biden presented the law as an investment in resilience to natural disasters and the impacts of climate change – including “the devastating aftermaths of record floods and droughts, storms and wildfires” – and a moral obligation on the part of older generations, corporations and the wealthy, who he says “will finally… begin to pay their fair share.”
The Inflation Reduction Act marked the most significant climate bill in U.S. history, putting about $369 billion toward climate action. The administration set a target of reducing carbon emissions by half from 2005 levels by the end of the decade.
Source: The Hill