US Senate passes Inflation Reduction Act

On August 7, the Senate approved the Inflation Reduction Act, which includes 369 billion dollars in energy security and climate change programs over the next ten years.

Considered the largest investment in climate spending in American history, this bill has the potential to put the country on a path towards a 40% reduction in greenhouse gas emissions by 2030, compared to 2005 levels.

The document provides for tax credits and subsidies to reduce emissions from electricity generation, transportation, manufacturing, buildings and agriculture, and is expected to be approved by the House of Representatives by the end of the week, before going to the White House.

American environmentalists are thus celebrating a victory in revitalizing the stalled progress of climate change legislation.