“[The Inflation Reduction Act] invests $369 billion ... to secure our energy future and to address the climate crisis, bringing down family energy bills by hundreds of dollars by providing working families tax credits. ... This investment in environmental justice is real. It also provides tax credits that will create thousands of good-paying jobs — manufacturing jobs on clean energy construction projects, solar projects, wind projects, clean hydrogen projects, carbon capture projects, and more — by giving tax credits for those who build these projects here in America. Now, let me be clear: This bill would be the most significant legislation in history to tackle the climate crisis and improve our energy security right away. And it’ll give us a tool to meet the climate goals that are set — that we’ve agreed to — by cutting emissions and accelerating clean energy. A huge step forward.”
Joe Biden, President of the United States
From EarthJustice:
"President Joe Biden has signed the Inflation Reduction Act, a bill that will invest $369 billion in climate solutions and environmental justice. The bill will put us on a path to 40% emissions reduction by 2030 while restoring U.S. credibility to lead climate action on the global stage.
The Inflation Reduction Act will accelerate a clean energy transition that will lower energy costs for people across this country by:
Expanding access to clean energy by making clean energy tax credits more accessible and extending them by 10 years.
Creating jobs and increasing our country’s energy security by investing $60 billion in manufacturing solar panels, batteries, and other clean energy technologies in the U.S.
Providing funding for low-income families to electrify their homes, including $9 billion in home energy rebate programs.
Removing barriers to community solar, an innovative solution to making solar power more accessible and affordable for the average person.
The transportation sector is the largest contributor to U.S. greenhouse gas emissions and spews massive amounts of toxic air pollution into communities across the country. This bill will help transition the sector away from fossil fuels and invest billions in zero-emissions transportation, including:
$3 billion for the U.S. Postal Service to electrify its fleet of more than 217,000 vehicles, the largest government fleet in the nation.
$1 billion for clean school and transit buses, garbage trucks, and other heavy-duty vehicles, prioritizing communities overburdened by air pollution.
$3 billion to clean up air pollution at ports by installing zero emissions equipment and technology, with much of the funds going to portside communities that are breathing disproportionately high levels of toxic air pollution.
Tax credits for electric vehicles.
Communities of color and low-income communities face disproportionate harms from pollution and the climate crisis. Climate solutions must be led by and for these communities. This bill will fund:
$315.5 million for air monitoring so that communities know exactly what’s in the air they breathe, with specific funds for schools and those living near polluting industry.
$3 billion for community-led projects in areas experiencing the disproportionate impacts of pollution and climate change.
The reinstatement of the Superfund Tax so that industry — not the public — foots the bill for cleaning up their pollution."