President Biden signed the Inflation Reduction Act, which is the most ambitious climate legislation in history, but it still is only projected to get a 40% reduction in [greenhouse gas] emissions by t
he end of the decade, and the U.S. has promised a 50% reduction by the end of the decade.We're doing a lot more than just the IRA. The IRA is a package that in and of itself could get the 40%. But in addition to that, the president is issuing executive orders. There'll be changes on automobile, on light truck, heavy truck, heavy duty [vehicle regulations]. There'll be a number of initiatives that are being taken by states, subnational [governments], cities.
It could be slowed down. You can have somebody not accelerate, not push the way President Biden is. I mean, President Biden's been way ahead of every other president in accelerating activity, showing leadership, setting aside land, putting out major renewable resources, whether it's solar farms or offshore wind. I mean, there's an enormous amount that is taking place.
We are seeing changes that are just beyond unprecedented. They're frightening. The Arctic, the Antarctic, the melting of ice, the rate of the melting. Scientists are now surprised by the intensity and levels that they're seeing — not that they didn't predict them, but they didn't predict them for so soon. And everything is sort of happening faster.
I don't wanna leave them feeling that we're just saying they have to do more. India for instance, has a major goal. They're really working at this. They understand that they've got to try to find a way to reduce coal, but they're also fighting this question of keeping their folks employed and being able to keep their economy moving. China has 1.4 billion people. Its economy is not a bigger economy than ours, but it's growing.
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