U.S. special presidential climate envoy and serial greenhouse gas emitter John Kerry says he loves the Inflation Reduction Act —but admits it doesn’t have much to do with reducing inflation.
Kerry made the observation while speaking at the International Energy Agency’s Global Clean Energy Action Forum; he calls the bill “a completely misnamed piece of legislation.”
From Fox News:
“We’re running around saying, ‘I support the IRA. That’s tricky in politics, but here we are,” he joked, an apparent reference to the Irish Republican Army. Then he made the same observation as the bill’s critics.
“And I’m not sure how much it has to do with inflation, but that’s OK,” he acknowledged.
“The most important parts of the IRA are very simple. Production and investment tax credits. That, I think, is going to do more than almost anything else in the bill. We don’t have to have government making choices about winners and losers. The marketplace is going to choose. You, inventors and investors, are going to help move that along, and we’re going to get there,” he said.