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.
Inflation Reduction Act
Environmental Justice Provisions of the Inflation Reduction Act of 2022
The environmental justice provisions included in the Inflation Reduction Act of 2022 (“IRA”) continue the Biden Administration’s commitment to environmental justice. The administration has already demonstrated a consistent desire to build environmental justice into its programs through programs such as the Justice40 Initiative. This initiative directs 40% of the climate change, sustainability, and other…
Inflation Reduction Act Shows Strong Support for the Electric Vehicle Sector and Domestic Supply Chains
By Martin Levy on
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. …
Inflation Reduction Act accelerates efforts to decarbonize the economy and address climate change
By Martin Levy on
Posted in Biden Administration, Inflation Reduction Act
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. …
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.…