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Inflation Reduction Act

The Inflation Reduction Act of 2022 will significantly reduce carbon emissions, fight inflation, and help invest money into domestic energy production and manufacturing. This bill is one of the most influential pieces of legislation to date in the fight against climate change, and is expected to have significant benefits for those in the clean energy sector. Below are what some politicians and clean energy advocates are saying about the momentous Inflation Reduction Act, and how this bill will impact various aspects of clean energy. 

Here are some things people have been saying about the Inflation Reduction Act:

Climate Bill ‘Transformative’ for Auto and Energy Industries – Forbes

“The $369 billion climate and tax package Democrats in the Senate proposed this week could have far-reaching effects on the kinds of cars that Americans drive, where those cars are made and how the country produces its energy. 

The proposal aims to simultaneously fight climate change and energize domestic manufacturing. For the most part, it would do so through tax breaks and other incentives – a carrot rather than stick, approach that is likely to go down easier in corporate boardrooms and with voters. 

Democrats are proposing to expand cash incentives for buyers for electric vehicles, along with billions of dollars for automakers, battery manufacturers and suppliers to build or retool factories in the United States. There is money to help consumers pay for rooftop solar panels, for electric vehicle chargers and for fuel-efficient heat pumps.”

11 Ways the Inflation Reduction Act Will Help Americans – Center for American Progress

The new Senate deal will reduce inflation; bring down the skyrocketing cost of prescription drugs; cut health care costs; make historic investments to tackle climate change; and significantly cut the deficit.

The Inflation Reduction Act (IRA) will be a major lifeline for families, seniors, and our planet. The bill takes on some of the most powerful special interests in Washington—Big Pharma, Big Oil, and Wall Street—and delivers meaningful help to the American people. From lowering health care and prescription drug costs to cutting carbon emissions and bolstering production of clean energy, the bill makes historic progress in tackling some of our country’s biggest challenges. 

Inside the $700 Billion Inflation Reduction Act – Yahoo!Finance

“The Inflation Reduction Act would fund energy production and manufacturing, reduce carbon emissions, lower prescription prices and extend affordable healthcare coverage.

‘Rather than risking more inflation with trillions in new spending, this bill will cut the inflation taxes Americans are paying, lower the cost of health insurance and prescription drugs, and ensure our country invests in the energy security and climate change solutions we need to remain a global superpower,’ Manchin said in a press release.”

Summary of the Inflation Reduction Act of 2022 – The National Law Review

“Senate Democrats on Wednesday night released the draft text of the Inflation Reduction Act of 2022 (the Act). The Act includes a number of provisions related to renewable energy tax incentives. 

Additionally, the Act would adopt new provisions that would, in effect, extend the ITC and PTC at their full credit rates for projects placed in service in 2025 or later and on which construction begins before 2033. Projects would only be eligible for these credits if the greenhouse gas emissions rate for such projects is not greater than zero.”

Inflation Reduction Act will boost EPA efforts to tackle the climate crisis – The Hill

“The EPA centerpiece is $27 billion for a greenhouse gas reduction program of financial assistance for projects, activities or technologies that reduce or avoid greenhouse gas emissions or help communities do so and prioritizes projects without other access to financing. $15 billion will serve low-income and disadvantaged communities, $7 billion of that to enable such communities to deploy or benefit from zero-emission technologies.

The bill also includes $5 billion for greenhouse gas reduction grants to states, tribes, municipalities and pollution control agencies. It includes $250 million for planning grants, with at least one per state, with the remaining $4.75 billion for implementation grants. Applicants for such grants must show a project’s expected greenhouse gas pollution reductions, generally and for low-income and disadvantaged communities, as well as explain how reductions will be measured.”

Breakthrough Energy Urges Congress to Pass the Inflation Reduction Act of 2022 – Breakthrough Energy

“Combined with investments made in last year’s Infrastructure Investment and Jobs Act (IIJA), the $369 billion for climate and clean energy in this new legislation will help make clean, affordable energy accessible to more people, secure and diversify our energy mix, and establish new, clean American industries. This legislation will position the United States to meet its climate goals and show critical leadership on the global stage.

Of that $369 billion, roughly half of that funding is dedicated to key emerging and enabling technologies and innovation, such as clean hydrogen, clean jet fuels, energy storage, and decarbonized industrial processes. Breakthrough Energy has spent years advocating for these necessary climate solutions. Tax credits and other federal support will ensure startups and entrepreneurs can rapidly scale clean technologies into widely-available sources of affordable energy.

Five primary aspects of the legislation are: 

  1. Emerging clean energy technologies finally have a runway to take off.
  2. Ten years of tax credits for clean technologies gives the private sector confidence to build and invest in our new energy future.
  3. It makes big investments in building a strong, resilient, clean electric grid of the future.
  4. The U.S. will now be able to preserve a huge portion of clean energy generation available today.
  5. This legislation will make transformational investments to supercharge decarbonization across the economy.”

What does the newly announced Inflation Reduction Act mean for climate tech? – GreenBiz

“After almost two years of uncertainty and the ever-looming threat of losing the congressional majority without passing any major climate legislation, Democratic senators are finally ready to support a bill that offers incentives for crucial climate technologies. 

Senators Chuck Schumer (D-NY) and Joe Manchin (D-WV) announced July 27 their intention to introduce the Inflation Reduction Act of 2022 (IRA22) to the Senate floor. The main objective of the bill is to cut inflation, meaning impacts will be felt at every startup and legacy company with a large overhead and limited amount of capital. And hopefully, by every American.”

NextGen America: Statement on the Inflation Reduction Act – WisPolitics.com

“In response to the Senate agreeing on a climate bill investing $369 billion into energy and climate change programs, NextGen America President Cristina Tzintzún Ramirez released the following statement:

When young people turned out in record numbers last election cycle, they were voting for bold solutions to tackle our impending climate catastrophe. We’ve been leading the fight for climate action for nearly a decade, and we celebrate knowing that our efforts led to this historic moment. We commend Senator Manchin for finally doing the right thing and siding with the overwhelming majority of Americans who want immediate action on climate change. The agreed-upon bill is the most ambitious climate legislation in our country’s history and a direct result of millions of young people advocating for climate justice and pushing lawmakers forward.

The Inflation Reduction Act will put our nation on track to cut pollution in half by 2030, create millions of good-paying clean-energy jobs, and reduce energy bills for working families across the country. It puts the health of people over the profit of big corporations, and prioritizes clean and cheap energy over dirty and expensive pollution. Congress must pass this immediately to put us on the right course to combating this climate catastrophe.”

***Guest post from FischTank PR intern Abby McAleer***

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