The Inflation Reduction Act presupposes a private sector–led transition, but battles over its implementation could build the political constituencies and expertise needed to take on the fossil fuel industry. It’s understandably hard for those who supported Green New Deal proposals for transformative investments in public goods to see the IRA—a bundle of tax credits whose benefits accrue largely to corporations—as a consolation prize. the forces backing a Green New Deal lost. But they had enough power to fundamentally shift debates at the highest level about what climate policy in the twenty-first century should look like, convincing lawmakers to abandon their commitment to narrow market tweaks and to focus instead on investment and job creation. The weakness of the bill that resulted from that shift reflected the power of polluters and a private sector eager to have the state step in to subsidize its profits. It’s time to get ready to win and run the big green state in the new normal the Green New Deal created.