Promoting free market solutions to climate change at COP28

As Philip Rossetti at the R Street Institute testified to the Senate Finance Committee this year, his research has found that of “the total clean electricity generation through 2030 that would be eligible to claim the IRA [Inflation Reduction Act] subsidies, 67 percent of that generation would have been built even without the subsidy.” That means $120 billion of the roughly $180 billion targeted at clean electricity projects would be built anyway. The subsidies are a nice deal for the companies that receive them, but they’re bad for the taxpayers who shell them out and they do nothing for the climate.