Senate majority leader Chuck Schumer at an event organised by senators backing the bill last week
US bill on climate passes Senate
The Inflation Reduction Act contains a series of measures to stimulate the low-carbon economy in the US
The US Senate has narrowly voted to pass a bill containing landmark measures to reduce emissions and promote low-carbon technologies. The Inflation Reduction Act (IRA) passed over the weekend with a 51-50 majority and is expected to pass in the House of Representatives later this week. Key measures in the bill include $30bn in production tax credits for manufacturers of solar panels, wind turbines, batteries and processors of critical minerals, and $10bn in investment tax credits to build manufacturing facilities that make electric vehicles, wind turbines and solar panels. An investment tax credit is an upfront credit that reduces the capex of a project. A production tax credit provides a ta
Also in this section
17 July 2025
Oil and gas companies will face penalties if they fail to reach the EU’s binding CO₂ injection targets for 2030, but they could also risk building underused and unprofitable CCS infrastructure
9 July 2025
Latin American country plans a cap-and-trade system and supports the scale-up of CCS as it prepares to host COP30
3 July 2025
European Commission introduces new flexibilities for member states to ease compliance with headline goal
1 July 2025
Supportive government policy, deforestation threat and economic opportunity drive forward the region’s monetisation of forest carbon
