US climate envoy John Kerry came clean and dealt a blow to President Joe Biden and the Dems who pushed through the Inflation Reduction Act (IRA). The bill was criticized because most believed it would do nothing lower inflation.
The Biden administration denied these chargers but now we know John Kerry agrees with them because he said, “I’m not sure how much it has to do with inflation, but that’s OK.”
“We’re running around saying, ‘I support the IRA. That’s tricky in politics, but here we are,” he joked, an apparent reference to the Irish Republican Army before saying the IRA is “amazing piece of legislation.”
“The most important parts of the IRA are very simple. Production and investment tax credits. “That, I think, is going to do more than almost anything else in the bill.
“We don’t have to have government making choices about winners and losers.
“The marketplace is going to choose.
“You, inventors and investors, are going to help move that along, and we’re going to get there.
“No government is going to solve this problem.
“The private sector is the entity that has the trillions of dollars,” he said.
According to The Financial Times:
US climate envoy John Kerry has called for reform of international financial institutions over a failure to marshal funds related to climate change, but refused to be drawn on whether the Biden administration had confidence in the World Bank leadership.
The bank, led by Trump-appointee David Malpass, has come under sustained criticism over its policies towards funding fossil fuel projects from those involved in the UN as well as climate experts such as former vice-president Al Gore, who again called for Malpass’s resignation on Tuesday.
John Kerry seemed to come unglued this week when Farhana Yamin, a veteran environmental lawyer and climate negotiator, asked him about funding for nations recovering from climate catastrophe, @KateAronoff writes. https://t.co/JDgDjy37XU
— The New Republic (@newrepublic) September 22, 2022