One year later: The Inflation Reduction Act and climate progress

The Inflation Reduction Act (IRA) is widely regarded as the most significant climate legislation passed by Congress. One year after it was signed into law, the Brookings Initiative on Climate Research and Action (BICRA) will assess its impact and progress towards its objectives of spurring investment in clean energy to reduce carbon emissions. How can we ensure the benefits of the IRA get to the people and communities that need them most? Do markets believe the incentives are here to stay? What does the IRA do for U.S. standing in the world with respect to climate change? How can the U.S. leverage the IRA to encourage action elsewhere?

On October 11, BICRA hosted a public event to dig into these questions and more. John Podesta, senior White House advisor for clean energy innovation and implementation, engaged in a conversation with Brookings Nonresident Senior Fellow David Victor about the impact of the IRA on U.S. efforts to reduce greenhouse gas emissions. Following their conversation, New York Times Climate Change Reporter Lisa Friedman moderated discussions with BICRA experts to unpack the multi-faceted impact of the IRA on U.S climate policy, as well as America’s role in addressing climate change on the global stage.

The first panel focused on the domestic implications of the IRA for the U.S. economy, clean energy, employment, and equity. The second panel covered the global implications of the IRA, including its impact on global trade, markets, and climate ambition.

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