Accelerating the Energy Transition: The U.S. Inflation Reduction Act
Climate Rising
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The Theory of the Bill and the Reconciliation Process
The theory of the bill is really a theory that goes with the reconciliation process. Reconciliation is a budget process in which you can only adopt measures that fit within a framework of spending and raising revenue. So now you're doing climate policy primarily through spending investment, tax credit subsidy and other incentives. That's very different from capping emissions.
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