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Statement regarding the Inflation Reduction Act of 2022

16 August 2022, 23:30 BST 1 min read

Adam Lake, Head of Climate Week NYC commented:

We’re excited to see the Inflation Reduction Act of 2022 signed into law today. Provisions laid out in this expansive legislation will dramatically impact progress toward US climate goals. The Inflation Reduction Act is the largest climate investment in US history – with funds allotted to extend vital clean energy tax credits and address the worst impacts of pollution in frontline communities. $369 billion allocated in new climate spending toward clean energy and environmental justice initiatives is estimated to reduce greenhouse gas emissions 40% by 2030.

While we’re disappointed the bill included the extension of federal oil and gas leases, it serves as a reminder that we still have work to do. As we approach Climate Week NYC, we expect this historic legislation to be at the forefront of conversation. We’ve got to Get It Done on further decisive action at Climate Week and beyond if we hope to meet our Paris Agreement targets by 2050, and the Inflation Reduction Act is a necessary step forward in doing so on the path to net zero.