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World News August 14, 2023

Biden fights for political gain a year after ambitious climate law

A year after its enactment, Joe Biden is facing challenges in gaining public support for the Inflation Reduction Act (IRA), a comprehensive plan aimed at transitioning the U.S. to clean energy, revitalizing industry, and promoting social justice. Despite its name, the IRA is primarily focused on advancing green energy through subsidies and tax credits. President Biden admitted regret over the name choice, as the plan’s purpose is more about economic growth than inflation reduction. The plan has already attracted around $110 billion in private investments for clean energy, with its incentives set to last a decade or more. However, some experts believe the IRA might fall short of its goal to reduce emissions by 43-48% by 2035 compared to 2005 levels.

Biden faces the challenge of making the public aware of the positive impacts of his economic programs, including the IRA, before the 2024 presidential elections. He refers to his economic approach as “Bidenomics,” encompassing economic strength, investments in technology and infrastructure, and a future shaped by the IRA and other initiatives. The Republican Party opposes Biden’s efforts, labeling the IRA a “scam,” although some Republican lawmakers have benefited from the funding for projects in their districts. Biden humorously highlighted this contradiction, showcasing how even vocal critics of the IRA have embraced its benefits for their constituents.

Source : CGTN

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