On August 16, 2022, President Biden signed the Inflation Reduction Act (IRA) into law, which consists of US$370 billion of support for renewable energy and climate related spending over the coming decade. The passing of the IRA acts to bring President Biden closer to achieving his goal of halving the United States’ CO2 emissions by 2030 (vs 2005 levels) and reaching his Net Zero emission objective by 2050. In this Insights, we break down details of the IRA and provide an assessment of this bill’s implication for various sectors.