Update: President Joe Biden signed the Inflation Reduction Act into law on August 16. And just like that, hope springs when you least expect it. After many months of crushing setbacks in federal climate policy—from the slow dismantling and then collapse of President Joe Biden’s Build Back Better legislative behemoth, to the Supreme Court disarming the Environmental Protection Agency’s authority to regulate greenhouse gases in June—experts are optimistic about the potential impact and success of a landmark bill announced late last week. The bill, called the Inflation Reduction Act, includes $369 billion in climate and clean energy spending, which would make it by far the nation’s largest-ever investment in ratcheting down planet-heating emissions. To pay for it, the government would raise taxes on corporations, close tax loopholes and boost enforcement, and allow Medicare to negotiate prescription drug costs. Crucially, the legislation has the vocal support of Sen...