Grace Smith | August 18, 2022
President Biden signed the Democrats’ Inflation Reduction Act, a tax, health, and energy bill on Tuesday. This landmark bill addresses the climate crisis and invests $369 billion in spending and tax credits on lowering emissions to combat climate change.
“This bill is the biggest step forward on climate ever,” Biden said at the signing. “It’s going to allow us to boldly take additional steps toward meeting all of my climate goals.”
The U.S. accounts for over 22 percent of the world’s greenhouse gas emissions, but, with the Inflation Reduction Act and federal action, Biden’s goal of cutting U.S. greenhouse gas emissions by 50 percent below 2005 levels by 2030 may be achievable.
Transportation is the largest contributor to greenhouse gas emissions, accounting for 27 percent of the total U.S. greenhouse gas emissions. The new bill will help lead transportation away from utilizing greenhouse gases by giving $1 billion toward clean school and transit buses, as well as large vehicles like garbage trucks. Along with that, $3 billion may be given to the U.S. postal service to electrify over 200,000 vehicles.
The $369 billion will also go into an area that affects farmers, and the agricultural industry in general. In 2020, the agricultural economic sector accounted for 11 percent of total U.S. greenhouse gas emissions. With the Inflation Reduction act, more than $20 billion may be given to farmers to shift to sustainable crop practices. Those practices include crop covers and crop rotation, which reduces soil erosion, benefits wildlife, and refines water quality.