The Inflation Reduction Act (IRA) was signed into law two years ago, providing tax credits for clean energy and climate action. Despite low public awareness, polls show strong support for IRA provisions, and consumer action has exceeded projections. Impact of the IRA The IRA has created over 334,000 new green jobs and spurred $372 billion in climate investments across the US. Notably, two-thirds of IRA investments in clean energy projects have gone to red states, including a significant solar plant in a predominantly Republican district. Political and Economic Implications The IRA has become a contentious issue, with Republicans attempting to repeal it multiple times. However, evidence suggests that the IRA has been successful in fostering green manufacturing jobs in the US, contrary to some political claims.
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Draghi calls for €800bn investment in the EU amid “existential” challenges
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