Last summer, Biden
signed the Inflation Reduction Act (or IRA), a landmark bill that the president lauded as the “biggest step forward on climate ever”. The sweeping legislation has billions of dollars in support for renewable energy projects and electric car subsidies, but it also included stipulations that large areas of the Gulf of Mexico and Alaska be made available for fossil fuel drilling in order to appease Joe Manchin, a pro-coal Democratic senator and key swing vote.
Climate campaigners mostly considered the trade-off to be worthwhile as the resulting emissions cuts should still be large, but the new glut of drilling could
wipe out much of the benefits of wind and solar projects over the next decade.