This Week’s Climate Policy Update | February 20 - 24, 2023

The Environmental Protection Agency issued its initial guidance on the Inflation Reduction Act’s Greenhouse Gas Reduction Act. Further, the Treasury Department—in collaboration with the Internal Revenue Service and the Department of Energy—released guidance on the Qualifying Advanced Energy Project Credit and the Low-Income Communities Bonus Credit Program. On the state level, a bipartisan group of California lawmakers are supporting a $4.5 billion bond dedicated to climate and flood programs to compensate for reductions in environment spending in Gov. Gavin Newsom’s (D-CA) Fiscal Year 2024 budget. Finally, the International Energy Agency criticized the fossil fuel industry for not adequately investing in greenhouse gas emissions reduction technologies.