Insights

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REview

18. October 2022

Bold enough or inadequate? Biden's landmark energy policy two months on

In this October REview, we assess the Inflation Reduction Act (IRA) as seen through the lens of the energy supply chain and conclude that it is suitably bold in its support of renewable energy and emission reduction targets. The result will likely be significant improvements in the energy transition process over in the coming decade, enabling the US to stay within reach of its Paris agreement commitments. At the same time, we think it is inadequate and inconsistent in its support of the oil and gas industry, which remains a vital energy supplier through the current energy crisis, and through the energy transition over the next 20 years.