With the Inflation Reduction Act, the US brings climate goals within reach

House Moderates Expect White House Bill’s Cost Estimates To Fall Short
US House Speaker Nancy Pelosi, a Democrat from California, speaks during a news conference on climate action outside the US Capitol in Washington, DC, on Wednesday, November 17th, 2021. | Stefani Reynolds/Bloomberg via Getty Images

Congress has officially passed the Inflation Reduction Act after a successful House vote on Friday, clearing the way for the biggest clean energy package in US history. President Joe Biden is expected to sign the bill into law soon, bringing the US within eyeshot of reaching its climate goals under the Paris accord.

The bulk of the bill’s spending — $369 billion — goes toward building up domestic manufacturing of electric vehicles and clean energy technologies plus making homes and buildings more energy-efficient. There’s another $4 billion to promote drought resiliency in the western US. Outside of climate initiatives, the bill also spends $64 billion on healthcare subsidies to prevent insurance premiums from rising for people who buy…

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