On July 27, 2022, however, Senators Charles Schumer (D-NY) and Joe Manchin (D-WV) unexpectedly agreed on a bill, the Inflation Reduction Act (“Act”), which would include many provisions intended to reduce greenhouse gas emissions, alongside other policies such as deficit reduction and prescription drug price negotiation. [6]At the same time, other provisions of the bill have been criticized as creating obstacles to the clean energy transition. [10] Independent estimates nevertheless support the view that the Inflation Reduction Act will lead to substantial reductions in emissions. [17] As the effects of these actions were relatively small compared to the Administration's ambitious climate goals viewed as necessary to curb climate change, many activists sought more actions from the Executive Branch, including a formal declaration of a “climate emergency.”[18] The passage of the Inflation Reduction Act may reduce pressure to make such a declaration, but further climate actions, such as promulgation of the SEC’s climate risk disclosure rule, are expected shortly. [2] Inflation Reduction Act of 2022 (July 27, 2022 draft), available at https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_of_2022.pdf, §§ 13101, 13401-04, and 13502.

Source: Washington Post August 17, 2022 01:11 UTC