What the U.S. climate law means for the world
The Inflation Reduction Act is a very big deal for the United States. It’s the biggest climate law in the country’s history. It’s a lot of money, nearly $370 billion, for all kinds of tax incentives for American consumers and businesses. We’ve explained that from several different angles and we’ll continue to explore the package in the coming weeks.
But what does it mean for the rest of the world? That’s what I want to talk about today.
Here’s what the law does, and one thing it doesn’t:
Related Knowledge Center: Climate diplomacy
Talks are well underway in preparation for the next major international meeting on climate change, 28th Conference of the Parties (COP28), scheduled to begin Nov. 30 in the United Arab Emirates.
Much like last year’s COP27, finances — specifically, aid to developing nations — will be at the center of conference deliberations.
The conference faces an even greater sense of urgency brought on by the Sept. 8, 2023, release of the first global stocktake, which calls for accelerated action to meet the goals set in the 2015 Paris Climate Agreement (COP21).
Climate diplomacy: COP 27 | Climate diplomacy: COP 28 | Climate diplomacy: COP 29