Kerry: Inflation Reduction Act ‘great’ bill, but ‘not sure how much it has to do with inflation’

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US Presidential Special Envoy for Climate Change, John Kerry, praised the Inflation Reduction Act, calling it an “astonishing” bill because of its climate-related impact, while acknowledging it doesn’t seem to do much for inflation.

Speaking at the International Energy Agency’s Global Clean Energy Action Forum, Kerry called the bill “a completely misnamed piece of legislation,” but first gave a different reason.

“We run around and say: I support the IRA. That’s tricky in politics, but here we are,” he joked, clearly referring to the Irish Republican army. Then he made the same comment as the critics of the bill.

“And I’m not sure how much it has to do with inflation, but that’s okay,” he acknowledged.

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US climate envoy John Kerry praised the Inflation Reduction Act during a speech at the 2022 Global Clean Energy Action Forum hosted by the International Energy Agency.

US climate envoy John Kerry praised the Inflation Reduction Act during a speech at the 2022 Global Clean Energy Action Forum hosted by the International Energy Agency.
(AP Photo/Evan Vucci, File)

Later in his speech, Kerry called the bill a “great piece of legislation” for what it does for green energy and combating climate change.

“The main parts of the IRA are very simple. Production and investment tax credits. That will, I think, do more than almost anything else in the bill. We don’t have to let the government make choices about winners and losers. The market will choose You inventors and investors are going to help that, and we’re going to get there,” he said.

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Kerry said he believed for years the private sector is key because “no government is going to fix this problem” because governments don’t have the money to do it.

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“The private sector is the entity that owns the trillions of dollars,” he said.

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