CounterPunch.org by Stan Cox
The Inflation Reduction Act is being hailed by the mainstream climate movement, Congress members, and the media as the most important climate bill in U.S. history. That’s a pretty low bar, and it says more about our government’s long record of failure on climate than it does about whether this law can prevent dangerous temperature increases in coming decades.
The lion’s share of spending in the IRA is directed toward producing new capacity for generating and distributing energy and for developing new technologies that consume energy. Only a small portion of the package will go to environmental justice, affordable housing and insulation, and the nation’s lands and waters. And it doesn’t mandate a reduction in use of fossil fuels. Indeed, rather than shutter gas- and coal-fired power plants, the government will reward them with subsidies or tax credits if they keep operating and capture the emissions. And rather than ban further drilling for oil and gas on federal lands, the bill guarantees that plenty of new oil and gas leases will be issued…
