One year ago, President Biden passed the Inflation Reduction Act (IRA). The IRA is widely acknowledged as the biggest climate legislation in U.S. history ($392 billion). It serves a dual purpose: to halve U.S. emissions by 2030 from 2005 levels, and to stimulate the economy and national competitiveness. The IRA is an important step in the right direction but only one of many to be taken.
Read MoreThe central objective set by the Paris Agreement to limit global warming to well below 2°C, preferably 1.5°, compared to pre-industrial levels, also required countries to create plans for action, known as nationally determined contributions (NDCs). The United Nations Environment Program’s (UNEP) Emissions Gap Report notes that current NDCs are highly insufficient and make it likely that warming will exceed 1.5° while making it harder to limit warming to below 2° after 2030. The results of the next global stocktake will help governments understand the emissions gap in achieving the Paris Agreement goals and facilitate more ambitious NDCs in the next round of climate change deliberations.
Read More
