Biden's Climate Law Debated by Republicans, Democrats; Is Inflation Reduction Act Really Effective?

U.S. President Joe Biden's climate law created debates among Republicans and Democrats less than a year after it was passed.

The question is, how effective is the Inflation Reduction Act? Here are the major details you need to know.

Biden's Climate Law Debated by Republicans, Democrats

According to Politico's latest report, many Americans are welcoming their parts of the $370 million federal tax incentives, which are used to enhance renewable energy development.

This funding is also meant to accelerate electric vehicle deployments as the U.S. government's way to bring back jobs.

Meanwhile, other U.S. communities are against it. They believe that IRA is only boosting Chinese businesses and the reach of China's government.

Numerous GOP members on the campaign trail and in Congress usually bash the climate law of Biden. However, IRA benefits Republican communities more compared to Democrats.

According to POLITICO's analysis, around 60% of the 200 project locations are in GOP-held districts. Researchers explained that this is because Republican parts of the country are the locations that commonly look attractive.

Is IRA Effective?

Associated Press reported that the Inflation Reduction Act is already turbocharging the clean energy industry.

This means that in less than a year after the climate law was passed, it was able to clean energy investments, such as the buildout of battery and EV manufacturing across the United States.

Statistics show that around 80 major clean energy manufacturing facilities were announced. This clean energy investment equals those in the past seven years combined.

"It seems like every week there's a new factory facility somewhere," said Princeton Prof. Jesse Jenkins, who is also the leader of the REPEAT Project.

"We've been talking about bringing manufacturing jobs back to America for my entire life. We're finally doing it, right? That's pretty exciting," he added.

IRA is considered the U.S. government's most significant response to climate change. It aims to make large-scale clean energy buildouts possible.

Aside from this, another goal of climate law is to reverse the early domination of China and other nations in the clean energy industry by building domestic supply chains.

To learn more about the effectiveness of the Inflation Reduction Law, you can click this link.