The Inflation Reduction Act has created nearly 75,000 jobs
The Federal Inflation Reduction Act — or IRA — commits hundreds of billions of dollars to the clean energy transition. A recent report finds that those investments are already helping launch new projects and put people to work. Bob Keefe is executive director of E2 (Environmental Entrepreneurs). The nonpartisan business group issued a report about the IRA’s impact on the economy and jobs. Keefe: “In the year since the IRA was passed, we’ve seen more than 200 major clean energy announcements, … more than $86 billion in private investments, nearly 75,000 new jobs announced already.” He says much of the growth comes from the EV and battery industries, which are building or expanding facilities in more than 20 states. Other projects include large solar and wind farms, and solar panel manufacturing facilities. Keefe says these investments are spread across the country, but the majority are in Republican districts and red states. Keefe: “What that says to me is that it’s clear that clean energy should not be a partisan issue. … It benefits everybody, regardless of whether you’re a Republican, a Democrat, regardless if you drive a Prius or a pickup truck. These are not red jobs or blue jobs. They’re red, white, and blue jobs.” Reporting Credit: Sarah Kennedy / ChavoBart Digital Media
Related Knowledge Center: Climate legislation
The federal government and states are in the process of implementing two laws — the Infrastructure Investment and Jobs Act and the Inflation Reduction Act — an investment of more than a trillion dollars to address climate change.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”