On 7 August, the US Senate passed the Inflation Reduction Act of 2022, a legislative package resulting from the initially introduced and (re)negotiated Build Back Better Act, which encompasses provisions on climate and energy transition, taxes, and healthcare.

The legislation will, among other things, mobilise USD 369 billion to be invested in clean energy, energy security, energy transition, and climate change programmes over ten years with an aim to reduce greenhouse emissions by 40 per cent until 2030.