The IRA and the four horsemen of the climate apocalypse

Michael Roberts Blog

The announcement that US President’s Biden’s Inflation Reduction Act (IRA) has got the backing of pro-business, coal-mining owner Democratic Senator Manchin has been greeted with a wave of optimism that the US target of cutting carbon emissions in half before the end of this decade (or 40% compared with 2005 levels), can be met.  “This bill will really turbocharge that transition to clean energy, it will transform markets where already solar PV, wind and batteries are in many cases cheaper than incumbent fossil fuels,” said Anand Gopal, executive director of policy at Energy Innovation, an open source research body.  “Increasingly I’m more optimistic that keeping the temperature rise under 2C (3.6F) is more reachable. 1.5C is a stretch goal at this point.” 

The bill will cut US emissions by between 31% and 44% below 2005 levels by 2030, according to Rhodium Group, a non-partisan research firm. A separate…

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