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Climate Politics

Even With Biggest-Ever Climate Bill, US Lags China’s Green Spending

$374 billion is a lot of money. But China and the EU are spending as much or more on the transition away from fossil fuels. 

Photovoltaic modules at a solar power plant in Tongchuan, Shaanxi Province, China. 

Photovoltaic modules at a solar power plant in Tongchuan, Shaanxi Province, China. 

Photographer: Qilai Shen/Bloomberg

The historic US climate deal that has now passed both chambers of Congress is being touted as one of the most ambitious decarbonization commitments made by any government to date. Is it?

Many countries have passed climate regulations and invested in green infrastructure, but the scale of the Inflation Reduction Act has few parallels. The bill devotes $374 billion to climate and energy measures over the next decade, with a focus on subsidies that make it easier and cheaper to live more sustainably.