The lion’s share of spending in the IRA is directed toward producing new capacity for generating and distributing energy and for developing new technologies that consume energy. Only a small portion of the package will go to environmental justice, affordable housing and insulation, and the nation’s lands and waters. And it doesn’t mandate a reduction in use of fossil fuels. Indeed, rather than shutter gas- and coal-fired power plants, the government will reward them with subsidies or tax credits if they keep operating and capture the emissions. And rather than ban further drilling for oil and gas on federal lands, the bill guarantees that plenty of new oil and gas leases will be issued. More
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