Categories: Politics

Al Gore says Inflation Reduction Act mainly climate change bill

Former Vice President Al Gore on Wednesday said the Inflation Reduction Act is primarily a climate change bill during the World Economic Forum (WEF) summit. 

Speaking on a panel, Gore, who has made fighting climate change one of his main priorities, listed the passage of the inflation bill as one of the best accomplishments by the United States. 

“In my country, we passed the ‘Inflation Reduction Act,’ which is primarily a climate act, $369 billion, which will actually be much larger than that, because the heavy lifting is done by tax credits that are very long-term, some of them actually open-ended, and the early investments that have already been triggered by it give a great deal of reason, many reasons, for believing it’s going to be much larger than $369 billion,” Gore said at the Davos, Switzerland forum. “So I’m very encouraged by that.”

ELITES IN DAVOS STRATEGIZE ON HOW TO FIGHT ‘RIGHT-WING’ GROUPS: ‘HIT BACK’

Al Gore reacts during the 53rd annual meeting of the World Economic Forum, WEF, in Davos, Switzerland. On Wednesday, he said the Inflation Reduction Act  is mainly a climate change bill. 
(AP)

The $739 billion package was passed last year to combat soaring costs that have hamstrung many Americans. Included in the legislation is an estimated $369 billion going toward investments in “Energy Security and Climate Change.”

The bill offers tax credits to households to make cost-saving energy efficiency improvements to their homes and other incentives to manufacturers. 

The Environmental Defense Fund called it the “biggest package of climate investments in U.S. history.”

CLICK HERE TO GET THE FOX NEWS APP  

Despite the intent to fight inflation, multiple analyses concluded the package doesn’t. The Congressional Budget Office said the bill will have “a negligible effect” and its impact in 2023 would range between reducing inflation by 0.1% and increasing it by 0.1%.

Share

Recent Posts

Canada stares down consequences of Trump tariff war: Job losses, grocery price hikes, possible recession

close Video Expert sees ‘slowing economic activity’ due to tariff uncertainty Lebenthal Global Advisors CIO…

35 minutes ago

Israeli military operation in Gaza expanding to seize ‘large areas’: ‘Expanding to crush and clean the area’

close Video Freed Israeli hostage tells '60 Minutes' Trump can bring peace Freed Israeli hostage…

35 minutes ago

Dems mum on Trump’s court fights despite trying to limit Biden-blocking judges

Democrats have remained relatively quiet while President Donald Trump and Republicans hammer federal district judges…

55 minutes ago

District judges’ orders blocking Trump agenda face hearing in top Senate committee

The Senate Judiciary Committee is holding a hearing to examine the influx of nationwide orders…

55 minutes ago

Lawmakers take action after report shows Biden-era SBA failed to probe 2 million alleged COVID aid fraudsters

EXCLUSIVE: The respective chairs of the Small Business Committee in both chambers of Congress are…

55 minutes ago

Trump pressures 4 GOP senators ahead of anti-Canadian tariff vote, accusing them of ‘TDS’

President Donald Trump called out GOP Sens. Mitch McConnell and Rand Paul of Kentucky, Susan…

55 minutes ago