Biden's Climate Law Halves US Greenhouse Gas Emissions by 2050: Study
US climate policy needs sticks as well as carrots, BloombergNEF says.
Joe Biden signs the Inflation Reduction Act into law in August 2022.
Photographer: Mandel Ngan/AFP/Getty ImagesUS President Joe Biden’s signature climate law, the Inflation Reduction Act, could slash US greenhouse gas emissions in half by 2050 but not come close to eliminating them, according to a new analysis from BlooombergNEF.
The law’s $369 billion in financial incentives will speed up the transition to renewable power and electrified transportation, driving the country’s emissions down from 5.3 gigatons last year to 2.3 gigatons at mid-century. Climate scientists have shown that global emissions need to peak before 2025 and approach zero by mid-century to stave off the worst effects of climate change. The report's authors say that in addition to the many carrots the IRA provides to clean energy technologies, the US government will also have to use some sticks, such as putting a price on emissions or phasing out sales of gas-burning cars by a set date.