President Joe Biden on Tuesday signed into law a landmark bill with $369bn in spending and clean energy-related tax credits to counter climate change – the biggest such investment in US history – giving his administration new political credibility to spearhead global action on the issue.

“This bill is the biggest step forward on climate ever,” claimed Biden, calling the Inflation Reduction Act of 2022, which includes $64bn in health care spending, “one of the most significant laws in our history”.