The IRA isn't perfect, but it's doing plenty of good

They had to throw a lot of crap, like nuclear and pipelines, into it to get it passed. But the good stuff is working.

The Inflation Reduction Act turns two in August, and the potential impact of the legislation is increasingly coming into view as federal guidance is issued on the law’s provisions and its tax incentives increasingly spur private investment.

So far this year, 41 major clean energy projects and $12.6 billion in private investment have been announced, according to business group E2, and 2024 has seen the IRS issue final guidance for the IRA’s prevailing wage and apprenticeship requirements as well as its tax credit transferability mechanism. - Utility Dive

Big Oil suddenly has issues with methane emissions penalties

This article gets into the complications. I personally don't see a need to back off on anything when it comes to holding Big Energy accountable.

The Inflation Reduction Act, the 2021 U.S. climate law abbreviated IRA, primarily reduces emissions through financial incentives, rather than binding rules. But in addition to all its well-known carrots, lawmakers quietly included a smaller number of sticks — particularly when it comes to the potent greenhouse gas methane, which has proven to be a pesky source of increasing climate pollution with each passing year. New research suggests that those sticks could soon batter the oil and gas industry, which is responsible for a third of all methane emissions in the U.S.

An IRA provision directs the Environmental Protection Agency, or EPA, to charge $900 for every metric ton of methane above a certain threshold released into the atmosphere in 2024. The issue is particularly challenging to tackle in oil and gas fields because methane is the primary component in natural gas, and it leaks from hundreds of thousands of devices scattered across the country. In 2022, oil and gas facilities emitted more than 2.5 million metric tons of methane. - Grist

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