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IEA Chief Lauds U.S. Inflation Reduction Act

He called it the most important climate agreement since Paris Accord

International Energy Agency Executive Director Fatih Birol on Tuesday hailed the U.S. Inflation Reduction Act as the most important climate agreement since the landmark Paris Agreement.

"The Inflation Reduction Act, in my view, is the most important climate action after the Paris 2015 agreement," Birol said during a panel on energy security at the World Economic Forum in Davos, Switzerland.

The U.S. legislation, which includes a record $369 billion in spending on climate and energy policies, was signed into law by President Joe Biden in mid-August last year. The act, which contains some giveaways to fossil fuel interests, was by far the biggest climate legislation in U.S. history.

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