United States of America
Inflation Reduction Act
The Act is based on a series of tax credits, grants and subsidies with a $369 billion funding for climate- and energy-related purposes. Prominent incentives contain in the Act aim to boost the U.S. manufacturing and buying of electric vehicles; U.S. manufacturing of solar panels, wind turbines and batteries; carbon-capture solutions; green hydrogen production; forest conservation and wildfire protection; and energy efficiency in affordable housing. The Act also provides for funds for the EPA to enhance compliance monitoring and "support" enhanced reporting of corporate actors regarding greenhouse gases and emissions reduction committments.
The Act contains clauses on environmental justice: 1) on legacy pollution reduction, 2) on affordable and accessible clean energy for disadvantaged communities, and 3) on better quality of life and good jobs (urban forests, renewable energy, adaptation programs). The bill provides funding to support indigenous communities to address climate change through resilience and adaptation programs, a tribal electrification program, and emergency drought relied. Specific provision is also made to support both rural and coastal communities.
Reduce carbon emissions by roughly 40 percent by 2030 compared to 2005.