U.S. Climate Progress
2024 Impacts of the Inflation Reduction Act
Have you heard of the IRA? Most Americans haven’t! Skim this to change that.
The Inflation Reduction Act (IRA) was passed by Congress in 2022 and is the most ambitious climate law in U.S. history. The IRA is catalyzing tremendous climate progress with good things happening everywhere in America.
Who is especially benefiting from the IRA?
Rural America: 92 new clean energy projects have been announced in rural communities in 31 states, bringing $45 billion in investment and over 43,000 jobs with them.
Low-income communities: The IRA is bringing $98 billion in investment and over 106,000 jobs across 229 new clean energy projects in low-income communities in 34 states.
Five states, Michigan, Georgia, Texas, California, and South Carolina, bear the bulk of new proposed projects, but there are proposed clean energy projects in 48 states.
Local, recent success stories made possible by the IRA:
📍 The West…
Mountain West tribes received funding to electrify their homes; 9000+ new clean energy jobs were created in California; one-third of Colorado’s new clean energy projects are being built in low-income communities.
📍 The Midwest…
Missouri was awarded $156 million to fund low-income solar; the midwestern manufacturing industry received $30 billion in capital investments; 600 jobs were created at one new Wisconsin battery plant one.
📍 The South…
The IRA is funding a $36 million project to make Montgomery, Alabama more walkable; coastal habitat restoration is happening in Louisiana; Georgia received sustainable farming grants; Virginia is investing in park conservation.
📍The Northeast…
New York issued rebates for homeowners to electrify; Vermont and New Hampshire were able to provide energy efficiency grants for businesses; farmers in Pennsylvania are now reaching their sustainable agriculture goals.
📍 For even more stories of U.S. climate progress: The Bipartisan Infrastructure Law (formally called the Infrastructure Investment and Jobs Act or IIJA for short) of 2021 made historic decarbonization investments, too. Check out this great investment tracker from the National League of Cities.
Pretty epic, right? Now that you know…
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6 Big Benefits of the Inflation Reduction Act
Local Stories + Sticky Stats: Click the (+) drop downs for an elevator pitch, local story, memorable stat, and the notable IRA provisions within each of these areas of interest.
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Elevator Pitch – The IRA is projected to reduce U.S. emissions by 40% below baseline by 2030—it’s the only policy that makes it possible to meet our Paris Agreement commitments (and even then, we have a ways to go).
Local Story – An Indian solar panel company is investing $1 billion into a new factory near Houston and expects to manufacture enough panels for 3GW of solar generation per year.
Memorable Fact – The IRA could double the pace of U.S. annual emissions reductions to 4% per year.
Notable Provisions
Clean electricity and clean vehicle tax credits
Clean energy technology accelerator
Methane pollution fee
Federal loan guarantees
For more IRA provisions, click here.
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Elevator Pitch – The IRA makes electrification accessible to millions of low- and moderate-income Americans by offering generous rebates and tax credits for home retrofits and EVs.
Local Story – After Missouri was awarded $156M in federal funding, Kansas City says it expects to solarize 2,000 low-income homes annually in the next few years.
Memorable Fact – U.S. households could see a 10% average decrease in energy bills, across every region of the country.
Notable Provisions
Home electrification tax credits and rebates
Tax credits for new & used EVs
Energy-efficient affordable housing
For more IRA provisions, click here.
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Elevator Pitch – The IRA reinvigorates American manufacturing by requiring or incentivizing American-made component parts in the clean energy transition—reducing our dependence on foreign competitors.
Local Story – Hyundai is turning Georgia into an EV manufacturing hub by opening two multibillion-dollar plants to manufacture Hyundai and Kia EVs.
Memorable Fact – In just one year, the IRA doubled the amount of U.S. manufacturing construction and nearly tripled domestic battery manufacturing.
Notable Provisions
Tax credits for manufacturing EVs, solar panels, batteries, turbines, and more.
Incentives for onshore critical minerals processing.
Grants to retool car factories for EVs to prevent factory shutdowns
For more IRA provisions, click here.
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Elevator Pitch – Investment spurred by the IRA has proven to be a major job creator, and the law is mobilizing the next generation of workers in clean energy, conservation, and climate resilience by providing high-quality skills training.
Local Story – New large Siemens power transformers in Mecklenburg County, NC are creating 500 new jobs, of 9,000 that the IRA has already catalyzed in North Carolina.
Memorable Fact – In its first year, the IRA catalyzed the creation of more than 300,000 new jobs, and that number is projected to reach 1.3 million by 2030.
Notable Provisions
Tax credits, low-interest financing, and loan guarantees that help de-risk new construction and create jobs
Tax credits for employers who pay their new clean energy workforce prevailing wages
For more IRA provisions, click here.
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Elevator Pitch – The IRA is the most significant environmental justice law in U.S. history, with most programs delivering 40% of their benefits to historically underserved and low-income communities.
Local Story – The IRA’s Neighborhood Access and Equity Grants are helping to reconnect West Montgomery, AL to the rest of the city by building new walking and biking paths after decades of segregation due to redlining.
Memorable Fact – The IRA’s Solar for All program is expected to deliver affordable solar energy to over 900,000 low-income and disadvantaged households.
Notable Provisions
Environmental Justice Block Grants for community-led projects
Grants to reduce air pollution at ports
Grants for safe, equitable, clean public transportation
For more IRA provisions, click here.
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Elevator Pitch – The IRA makes historic investments in climate-smart agriculture, coastal conservation and restoration, and fire-resilient forests.
Local Story – Glacier National Park received $2M to continue its bison reintroduction program, to inventory cultural resources impacted by climate change, and to protect and restore whitebark pine.
Memorable Fact – Farmers and ranchers will have access to $20 billion in conservation assistance, making it easier to increase carbon sequestration and reduce emissions from agriculture.
Notable Provisions
Funding for the Conservation Stewardship Program
Incentives promoting environmental quality
Technical assistance for farmers
For more IRA provisions, click here.
