At the World Economic Forum (WEF) session on Wednesday, former vice president Al Gore asserted that the Inflation Reduction Act is primarily a climate change policy, Fox News informed.
Speaking on a panel, Gore ranked the enactment of the inflation bill as one of the best achievements by the United States. Gore has made combating climate change one of his top goals.
Gore said at the Davos, Switzerland forum that although his country passed the “Inflation Reduction Act,” which is primarily a climate act, for $369 billion, it will actually be much larger than that because the heavy lifting is performed by tax credits that are very long-term, some of them even open-ended, and the initial investments that have already been triggered by it are already signaling a budget over $369 billion. He said that he finds this this whole package to be quite encouraging.
The $739 billion plan was passed last year to address the spiraling expenses that have put many Americans in a difficult situation. The measure includes an estimated $369 billion for “Energy Security and Climate Change” expenditures.
The bill offers incentives to manufacturers as well as tax rebates to households for making energy-saving modifications to their homes.
It was dubbed the “largest package of climate investments in American history” by the Environmental Defense Fund.
Despite the package’s stated intention to combat inflation, numerous evaluations found it doesn’t. According to the Congressional Budget Office, the bill will have “a minimal effect” and its effects in 2023 will either increase or decrease inflation by 0.1%.