U.S. climate envoy John Kerry has dealt a huge blow to President Joe Biden and the Democrats by admitting that the Inflation Reduction Act (IRA) doesn’t have “much” to “do with inflation.”
The IRA bill has been widely criticized because most believe it would do nothing lower inflation.
The Biden administration denied these charges, despite warnings from top economic experts.
However, Kerry has just revealed that agrees with the critics.
Speaking at the International Energy Agency’s Global Clean Energy Action Forum, Kerry called the bill “a completely misnamed piece of legislation.”
“I’m not sure how much it has to do with inflation, but that’s OK,” he said.
“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 terrorist group Irish Republican Army.
The IRA is an “amazing piece of legislation,” he added while touting how much it will spend on the Democrats’ “climate” agenda.
“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.