Air Products’ Seifi Ghasemi describes the US Inflation Reduction Act (IRA) as the carrot versus stick approach to reversing climate change.
The Chairman, Chief Executive and President of the Upper Macungie Township-based industrial gas giant, said it was the most significant piece of legislation to help tackle climate change. “It is huge, it is longer term,” he said.
Signed into law by President Biden on August 16, 2022, the IRA directs new federal spending toward reducing carbon emissions, lowering healthcare costs, funding the Internal Revenue Service, and improving taxpayer compliance.
The act aims to catalyse investments in domestic manufacturing capacity, encourage procurement of critical supplies domestically or from free-trade partners, and jump-start R&D and commercialisation of leading-edge technologies such as carbon capture and storage and clean hydrogen.
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