One of the Inflation Reduction Act’s (IRA) notable features is the creation of a Greenhouse Gas Reduction Fund (GGRF). This fund could create a mechanism to quickly disburse up to $27 billion to clean energy technologies, without undergoing the sometimes laborious reviews required by the National Environmental Policy Act (NEPA). IRA § 60103. Continue Reading Inflation Reduction Act Sets the Stage for a National Green Bank
Methane Emissions Reduction Program: The Next Step in the United States’ Efforts to Tackle a Potent Greenhouse Gas
The Inflation Reduction Act (IRA) would make significant strides in limiting and cutting methane pollution. Methane has proven to be a significant part of the climate problem; the United Nations’ Environment Programme (UNEP) notes that over a 20-year period, methane is 80 times more potent at warming than carbon dioxide. Studies by the National Oceanic and Atmospheric Administration (NOAA) further show that the rate of methane emissions is only worsening, with 2020 recording the largest annual increase since 1983. By implementing a Methane Emissions Reduction Program, the IRA takes a significant step towards reducing methane-related warming. This program implements a carrot-and-stick regulatory regime, whereby the Environmental Protection Agency (EPA) rewards methane reduction efforts with financial assistance, and penalizes excess methane waste with a set fee.Continue Reading Methane Emissions Reduction Program: The Next Step in the United States’ Efforts to Tackle a Potent Greenhouse Gas
Inflation Reduction Act Shows Strong Support for the Electric Vehicle Sector and Domestic Supply Chains
The transportation sector constitutes the largest source of greenhouse gas emissions in the United States, and the Inflation Reduction Act (IRA) takes significant steps to transition the U.S. vehicle fleet to zero-emissions technology. The proposed legislation takes a multi-faceted approach in doing so: it not only provides incentives for increased consumer use of electric vehicles, it also promotes domestic zero-emissions vehicle manufacturing. Continue Reading Inflation Reduction Act Shows Strong Support for the Electric Vehicle Sector and Domestic Supply Chains
Inflation Reduction Act accelerates efforts to decarbonize the economy and address climate change
If enacted in the coming days, the recently announced Inflation Reduction Act (IRA) could be the most significant step the U.S. has taken to mitigate the worst effects of climate change. In a joint statement, Senators Joe Manchin and Majority Leader Charles Schumer claimed the IRA would “fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030.” The IRA’s primary mechanism for achieving this goal is the allocation of $369 billion to support energy production and reduce greenhouse gas emissions. Continue Reading Inflation Reduction Act accelerates efforts to decarbonize the economy and address climate change
Overview of the Inflation Reduction Act
Late on July 27, Sen. Joe Manchin and Senate Majority Leader Charles Schumer announced an agreement on the Inflation Reduction Act (IRA): a reconciliation package that implements prescription drug pricing reform, invests in Affordable Care Act health care subsidies, imposes a corporate minimum tax and improves tax enforcement, and—most relevant for this post—provides $369 billion to support energy production and reduce greenhouse gas emissions.Continue Reading Overview of the Inflation Reduction Act
Continued Litigation Over Social Cost of Carbon Emphasizes Its Importance to the Biden Administration’s Climate Agenda
The Fifth Circuit recently allowed the federal government to resume use of the “social cost of carbon” (SCC), after a district court enjoined reliance on the metric earlier this year. The SCC aids cost-benefit analysis of regulatory actions and can provide insights into the impacts of climate change and greenhouse gas emissions reductions. The continued