Status: Published
Citation: Bistline, J., G. Blanford, M. Brown, D. Burtraw, M. Domeshek, J. Farbes, A. Fawcett, A. Hamilton, J. Jenkins, R. Jones, B. King, H. Kolus, J. Larsen, A. Levin, M. Mahajan, C. Marcy, E. Mayfield, J. McFarland, H. McJeon, R. Orvis, N. Patankar, K. Rennert, C. Roney, N. Roy, G. Schivley, D. Steinberg, N. Victor, S. Wenzel, J. Weyant, R. Wiser, M. Yuan, and A. Zhao. 2023. Emissions and Energy Impacts of the Inflation Reduction Act. Science 380(6652): 1324-1327.
This nine-model comparison analyzes the emissions and energy system impacts of the Inflation Reduction Act of 2022 (IRA). IRA has been billed as the most significant federal climate legislation in the U.S. so far. However, its scope and complexity make modeling important for understanding its potential implications. This multi-model analysis quantifies potential benefits, costs, and other impacts of core energy and climate provisions of IRA. Models suggest that economy-wide emissions may decline 43-48% by 2035 with IRA from 2005 levels (compared with 27-35% without IRA). This analysis also finds that IRA could accelerate clean energy deployment, as wind and solar capacity increases up to four times the pace without IRA, and electric vehicles are 30-82% of new vehicle sales in 2035.
A two-page summary of this research is available at: Science IRA Impacts Paper Summary (epri.com)
Link to Journal Publication: Emissions and energy impacts of the Inflation Reduction Act | Science