Wednesday, January 4, 2023

Situation Awareness: Climate Change. Inflation Reduction Act (IRA). 2023.


New on Resources Radio

  • The Inflation Reduction Act could be an inflection point for US energy: “I think that people are going to look back and say, ‘There was the way the energy markets worked before 2022, and there’s the way they worked afterwards.’ One of the major barriers to decarbonization—clean energy deployment cost—now is not a factor, at least for the foreseeable future. That’s going to mean meaningful progress on greenhouse gas emissions in the United States.” —John Larsen (6:42)

  • The Inflation Reduction Act signals that the United States is serious about decarbonization: “This has changed the tenor of the international conversations around climate change. A lot of our allies—a lot of the rest of the world, frankly—were wary of us; they didn’t know whether they could trust the US legislative system to deliver. The Senate didn’t ratify Kyoto. Trump pulled us out of the Paris climate agreement. Understandably, they had questions about what we could do. The fact that ... Congress passed this major climate legislation signals that we’re ready to tackle this existential problem.” —Catherine Wolfram (8:07)

  • US efforts on climate change will continue in the coming year: “2023 is going to be a consequential year for the United States and climate change—as consequential or even more consequential than 2022. The United States has a climate target of getting emissions at least 50 percent below 2005 levels by 2030. In the best-case scenario, the IRA [Inflation Reduction Act] gets you to 42 percent. There’s a big gap. The kinds of actions necessary to close that gap take time to put together, put in place, and enforce, which means there’s only seven years left. It’s going to be important for the federal government and for state action to be quick and robust on multiple fronts, including regulations, IRA implementation, and a lot of other things.” —John Larsen (25:58)

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