Biden's Inflation Reduction Act faces uncertain future

Significance Since enactment of the IRA in 2022, investment in clean technologies and infrastructure has accounted for more than half of total US private investment growth. If Vice President Kamala Harris wins the presidency, she will continue to implement the IRA fully. If former President Donald Trump returns to office, he will roll back the IRA's decarbonisation provisions significantly. Impacts Democrats will stress that every federal USD1 of IRA investment is estimated to trigger USD5-6 of private spending in clean technologies. The IRA has effectively scaled emerging climate technologies and built markets necessary for the clean energy transition. The Internal Revenue Service says IRA funds to improve tax evasion detection have led to it collecting an additional USD1bn in taxes. Lower medical prescription prices resulting from the IRA are proving widely popular and are at little risk of change.