Climate Game Changer: U.S. Inflation Reduction Act Applauded

TL/DR –

Fatih Birol, the executive director of the International Energy Agency (IEA), has praised new US legislation aimed at combating domestic inflation, calling it the most important climate agreement since the Paris Accord. He noted the Inflation Reduction Act would encourage investment in cleaner energy, asserting that energy security is currently the biggest driver of climate investment. Vicki Hollub, CEO of Occidental Petroleum Corp, described the act as one of the most transformative bills ever signed, while some European countries worry it might disadvantage their companies.

IEA Head Lauds US Inflation Reduction Act as Major Climate Agreement

International Energy Agency (IEA) executive director, Fatih Birol, lauded the US Inflation Reduction Act as a significant climate agreement during a panel on energy security at the World Economic Forum in Davos, Switzerland. Birol indicated that the legislation would stimulate investment in cleaner energy, contributing substantially to energy security and climate investment.

Occidental Petroleum Corp CEO, Vicki Hollub, echoed these sentiments, recognizing the act as one of the most transformative bills ever enacted. Hollub stressed the importance of subsidies in promoting the development of new technologies.

President Joe Biden assented to the $430 billion bill last year, marking a new commitment to energy transition. However, fears have been expressed that the legislation might place European companies at a disadvantage. [ source ]

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