How important is the climate bill -- named, for Joe Manchin-related reasons, the "Inflation Reduction Act" --- that just passed the US Congress? Huge.

To get the disclaimers out of the way: it doesn't, by any means, solve the whole climate problem. We still need to do plenty more to get to zero carbon emissions. And we're still in for more warming regardless. The heat waves, wildfires, floods and the rest of what we're starting to see as routine will still get worse for decades more, at least. The bill also has some negatives from a climate perspective, like its new offshore oil leases, presumably added to appease Sen. Manchin, whose vote was crucial to the legislation's passage.