2022-08-17 12:25:55

Inflation Reduction Act “Biggest Step Forward” on Climate, Says Biden Amid Calls for Renewable Energy

President Biden signed the Inflation Reduction Act into law Tuesday, a sweeping $739 billion bill to address the climate crisis, reduce drug costs and establish a 15% minimum tax for large corporations. Biden has praised the IRA as one of the most significant measures in the history of the United States, though many climate groups and Indigenous land and water defenders have criticized the package for including major handouts to the fossil fuel industry and other corporate entities. Professor Ashley Dawson, who is a member of the Public Power campaign in New York, says the law’s tax credit provisions give “big banks deciding power over what projects get built and where they get built and who builds them.” He supports a democratically controlled “public alternative” which would have the power to build out renewable infrastructure at the speed needed to mitigate the climate emergency.

 

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