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Tipsheet

White House: The 'Inflation Reduction' Act Was Actually a Massive Climate Bill

AP Photo/Susan Walsh

The Biden administration is celebrating the one year anniversary of the deceptively named "Inflation Reduction" Act -- IRA -- by touting the legislation as what it really is: a massive handout to climate change activists. 

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When the $1 trillion bill passed solely by Democrats on Capitol Hill, Forbes classified the legislation as the "most significant climate legislation in United States history."

"The Inflation Reduction Act (IRA) is the most significant climate legislation in United States history. Energy Innovation Policy and Technology LLC® modeling finds the IRA’s $370 billion in climate and clean energy investments could cut U.S. greenhouse gas (GHG) emissions up to 43% below 2005 levels by 2030," Forbes published. 

"Though the clean energy transition is happening, coal retirements must be accelerated to reach our climate goals. The IRA will speed the shift from coal to clean and support a just transition by providing $5 billion to back $250 billion in low-cost loans for utilities to reduce coal debt and reinvest in clean technologies. Another provision provides $9.7 billion in financial assistance for rural electric cooperatives to move toward clean energy sources," the report continues. 

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Meanwhile, an electric bus company touted by President Joe Biden at the White House went bankrupt last week. 

 

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