After decades of political squabbling and denial from the fossil fuel industry, the US is very set to make its first substantial move to address the climate catastrophe. According to experts, the new climate bill will contribute to rewiring the US economy and be a crucial step in preventing catastrophic global warming, The Guardian reports.
The Inflation Reduction Act, a proposed piece of legislation, has been the subject of independent investigation, and it has been determined that, compared to 2005 levels, it should reduce America’s emissions that contribute to global warming by nearly 40% by the end of the decade.
With this reduction, the US would be closer to achieving Joe Biden’s aim of halving emissions by 2030. According to experts, this target must be met by everyone in order to prevent catastrophic global warming, which would cause growing heatwaves, droughts, and floods.
The measure was adopted by the US Senate on Sunday, and although the US House still needs to ratify it, its approval is now all but guaranteed.
The bill’s $369 billion worth of energy and climate change measures would revolutionize American energy use and influence the nation’s industrial and climate policies for decades. And it reflects a remarkable turnaround from only a few months ago when the Biden administration switched gears from its climate objectives to push for more oil and gas production to address the energy crisis that caused energy prices to soar.
The proposal was described as “the boldest climate package in U.S. history” by Senate Majority Leader Chuck Schumer, who called for the final vote.
“It will kick start the era of affordable clean energy in America. It’s a game changer, it’s a turning point, and it’s been a long time coming,” he said, as quoted by Politico.
The climate-related portions of the bill were considerably less than the $550 billion initially anticipated as part of a larger $2.2 trillion bill a year ago, but they still represent the largest investment in clean energy sources in American history, being roughly four times as large as the incentives in President Barack Obama’s American Recovery and Reinvestment Act of 2009.