The Inflation Reduction Act celebrates its one-year anniversary in August, after the hottest June on record and the more recent news that the administration’s Justice40 program will not be enough to close the racial gap in air quality. The bill is the biggest of its kind, promising never-before-seen investments in EVs, clean energy, and other climate-saving technologies.
Among the law’s priorities is limiting the amount of greenhouse gas emissions spewed by the transportation industry, one of the largest sources of pollution in the country. “When the federal government makes an investment, we get to the tipping point faster,” said Barbara Humpton, CEO of Siemens USA, a producer of EV charging stations.
A new analysis by researchers at Princeton found that the IRA will reduce the country’s GHG emissions by 41% by 2030. However, it should be pointed out that this is not enough to meet President Biden’s ambitious climate goals of cutting emissions by at least 50% by 2030. More must be done before we finish taking our victory lap, and with the US exporting more gas than ever, the road ahead won’t be easy. “It’s not going to be easy to meet the Paris target, and it’s not going to be easy to meet whatever the next target is after that. But there’s a path here,” said Rhodium analyst Ben King. (IRA: AP, CNBC, E&E News $; Justice40: New York Times $, Washington Post $)