The House passes the Inflation Reduction Act: Here’s what it means for business
Climate analysts estimate that the bill could reduce net greenhouse gas emissions by between 31% and 44% below 2005 levels by 2030.
House Democrats voted to pass the Inflation Reduction Act today, sending the bill to President Biden to sign into law. The sweeping $430 billion package, which came back from the dead a few weeks ago after Democrats made concessions to woo West Virginia senator Joe Manchin, represents the most concerted effort yet by the U.S. government to combat climate change, with more than $36o billion going into climate action alone. It also includes measures to lower healthcare costs and raise and enforce taxes for large companies and high-income individuals, to fund the climate investments. Climate analysts estimate that the bill could reduce net greenhouse gas emissions by between 31% and 44% below 2005 levels by 2030.