According to a report, the Inflation Reduction Act aided the transition to carbon-free power sources in the year after it was passed, but the United States still does not seem to be on schedule to reach President Biden’s climate objectives.
Thanks to the IRA’s promotion of low-carbon and carbon-free energy, wind power, solar, nuclear, carbon capture technology, biofuels, and electric cars were all eligible for sizable tax credits.
The influence of these subsidies has been shown in recent studies.
Research by the renewable energy advocacy organization American Clean Power Association found that the year after the IRA’s enactment saw more investment in the industry than the previous eight years combined.
Research firm BloombergNEF has released a paper predicting that renewable sources like wind and solar would account for over half of all electricity output by 2035 and 64% by 2050, up significantly from their 12% share in 2021.
By 2035, according to the Bloomberg estimate, 87 percent of the grid’s energy will come from zero- to low-emission options, including solar, wind, nuclear, and gas with carbon capture.
The United States is now not on pace to reach Biden’s climate targets, according to a study from the Energy Department.
The report predicts that by 2030, U.S. emissions of greenhouse gases will be 35%-41% lower than in 2005, falling short of the president’s target of a 50% reduction.
A report reveals that when Democrats celebrated the passage of their so-called “Inflation Reduction Act” last September, House Speaker Nancy Pelosi pleaded with the crowd for applause and expressions of agreement.
Then-Speaker of the House, Nancy Pelosi, addressed the crowd gathered outside the White House for the Biden Administration’s event. The day after Democrats in Washington, DC, had a party to celebrate what they said was the successful rescue of the US economy, the stock market suffered a dramatic decline as new reports revealed the dire state of the economy under the exclusive control of the Democrats in Congress.