Gates saves the Day

 As we all know, the "Inflation Reduction Act" has been passed in the US senate which is a boon facilitating a $437 billion behemoth of healthcare, energy and climate initiatives, which is also the largest US climate bill ever. which targets almost 4 billion emissions and tax reductions on energy-efficient devices such as electric cars, solar panels etc.

But we don't know who has worked behind the scenes for getting this bill a successful vote in the senate of Joe Biden. It was Bill Gates and Joe Manchin.

How money and authority help - As we all know, Bill Gates has been actively involved in climate change talks and ways to save the world from various harms. Well, he played an important role in this part too. He played his cards well with the Senate majority leader Chuck Schumer and Joe Manchin. He was responsible for giving the "pep talk" to these leaders and businessmen to make the efforts for clean energy transitions. 

Collin O’Mara, chief executive officer of the National Wildlife Federation, recruited economists to assuage Manchin’s concerns, including former Treasury Secretary Lawrence Summers, who has spent decades advising Democrats. The economists were able to “send this signal that [the bill’s] going to help with the deficit,” O’Mara said. “It’s going to be slightly deflationary and it’s going to spur growth and investment in all these areas.” Through this subtle alchemy, clean-energy investments could be reframed for Manchin as a hedge against future spikes in oil and gas prices and a way to potentially export more energy to Europe.

How is this bill going to help climate change - The emissions reductions that will result from this law will be roughly the same as eliminating the annual planet-warming pollution of France and Germany combined, or about 2.5% of the total global greenhouse gas output, according to researchers who specialize in climate modelling. It might be just about enough to revive the virtually left-for-dead goal of limiting warming to 1.5° Celsius, as enshrined in the Paris Agreement.

For more information - 

Bloomberg cover story

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