Inflation Reduction Act
The Inflation Reduction Act of 2022 is the most significant climate bill in history with $369 billion in investments for climate justice and clean energy. This legislation provides historic levels of funding for climate and energy investments to cut emissions by over 40% by 2030, and jumpstart the clean energy economy, which will lead to a more just and healthy future for generations to come. It also includes prescription drug and medical savings and will be paid for by rolling back tax cuts on corporations and the wealthiest Americans.
This bill has a lot of things to be hopeful about including:
Lowers energy costs for Americans through policies that will lower prices at the pump and on electricity bills
Helps consumers afford technologies that will lower emissions and energy prices, and reduce costs that would otherwise be passed on to them
Increases American energy security through policies to support energy reliability and cleaner production coupled with historic investments in American clean energy manufacturing to lessen our reliance on China, ensuring that the transition to a clean economy creates millions of American manufacturing jobs, and is powered by American-made clean technologies
Invests in decarbonizing all sectors of the economy through targeted federal support of innovative climate solutions
Focuses investments into disadvantaged communities to ensure that communities that are too-often left behind will share in the benefits of the transition to a clean economy
Supports resilient rural communities by investing in farmers and forestland owners to be part of growing climate solutions, and by ensuring rural and communities are able to better adapt to a rapidly changing climate.
However, there are a few troubling provisions that will require further advocacy and attention. The bill would require the Interior Department to offer at least 2 million acres of public lands and 60 million acres of offshore waters for oil and gas leasing each year for a decade as a prerequisite to installing any new solar or wind energy, included an expanded tax credit for carbon capture, storage, and sequestration, and language about permitting reform that policy experts are still looking over.
Congress must work to meet this urgent climate moment and pass the Inflation Reduction Act of 2022 immediately!