Elements of the Inflation Reduction Act are working

Not to reduce overall inflation, of course, because there is nothing in there sanctioning the corporate greedheads that are causing that. But there is some moderately good news on the climate change front.

The report, the ninth edition of Rhodium’s annual emissions assessment, found that the IRA and state-level climate bills that have been signed into law by governors across the country in recent years will drive emissions down between 29 and 42 percent in 2030, compared to 2005 levels. By 2035, greenhouse gas emissions will decrease between 32 and 51 percent. Prior to the IRA’s passage, the nation was on track to cut emissions by 26 to 41 percent by 2035, according to Rhodium’s estimate from 2022. Rhodium called the overall reductions “a meaningful departure from previous years’ expectations for the U.S. emissions trajectory.”

Thanks to the IRA’s subsidies, solar and wind energy are already becoming a lot cheaper: solar by nearly 40 percent and wind by 55 percent. The legislation will also influence the speed with which electric vehicles replace gas-powered cars. In 2035, electric vehicles will comprise between one-third and two-thirds of all passenger car sales, the report said. That’s meaningful progress, but the emissions reductions aren’t steep enough to get the U.S. fully on track to meet its pledge to reduce emissions 50 to 52 percent by 2030 under the Paris Agreement, the 2015 international treaty on climate change that aims to keep global warming below 1.5 degrees Celsius (2.7 degrees Fahrenheit). - Grist