The Inflation Reduction Act’s nearly $370 billion in historic clean energy investments will reduce home energy bills, create clean, high-paying clean energy jobs, promote energy independence and dramatically reduce carbon emissions
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Senator Murray: “We need to face this moment with the urgency it deserves, and that’s what the Anti-Inflation Act is doing.”
(Washington, D.C.) – Today US Senator Patty Murray (D-WA) helped with the adoption Anti-Inflation Act making the largest investment in combating the climate crisis in American history. That Anti-Inflation Act will invest $369 billion in clean energy, clean aviation, energy storage and more over the next decade – the largest climate investment in United States history. That Anti-Inflation Act is paid in full by ensuring that the very wealthy and huge corporations simply pay their fair share – without raising taxes on Americans making less than $400,000 a year – and would actually reduce the deficit by more than $300 billion
“Right now, Washington state is in the midst of a climate crisis: wildfires ravaging entire communities, deadly heat waves and droughts that are getting worse and more frequent. We must meet this moment with the urgency it deserves, and the Anti-Inflation Act is taking important steps to do just that.” said Senator Murray. “Washington State is a leader in clean energy and ready to use the clean energy tax breaks and grants to build a stronger, clean energy economy – with massive cost savings for consumers and good-paying jobs in every part of our state. Whether it’s cutting your electric bills when trying to cool or heat your home, reducing emissions in the Port of Seattle, or expanding solar and wind power in central and east Washington, the Anti-Inflation Act will be a world make a disappearing difference for families in Washington state and our planet.”
The Inflation Reduction Act puts the US on track to cut emissions by nearly 40% by 2030, reduce energy costs at home and at the pump, create new, high-paying jobs in the green economy, and invest in key renewable energy sources invest and incentivize electric vehicles and will help achieve long-awaited environmental justice by reversing the impact of pollution on low-income communities. In particular, the IRA:
- Lowers energy costs for Americans through policies that reduce gas prices and utility bills, help consumers adopt technologies that reduce emissions and energy prices, and reduce costs that would otherwise be passed on to them.
- Enhances America’s energy security through policies supporting energy reliability and cleaner manufacturing coupled with historic investments in America’s clean energy manufacturing to reduce our dependence on China and ensures the transition to a clean economy will sustain millions of jobs across the world American manufacturing creates and made by American clean technologies.
- Invests in the decarbonization of all sectors of the economy through targeted federal funding for innovative climate solutions.
- Focuses investments on disadvantaged communities to ensure communities that are all too often left behind share the benefits of the transition to a clean economy.
- Supports resilient rural communities by investing in farmers and forest owners to be part of growing climate solutions and by ensuring rural areas and communities are better able to adapt to a rapidly changing climate.
- Provides tax credits for clean power sources and energy storage, and approximately $30 billion in targeted grant and loan programs for states and electric utilities to accelerate the clean electricity transition.
- Provides up to $20 billion in loans to build new clean vehicle manufacturing facilities across the country.
- Provides $3 billion in funding to reduce air pollution in ports and supports the purchase and installation of zero-emission equipment and technology in ports.
A summary of the climate provisions of the Anti-Inflation Act can be found here.
Senator Murray has made it clear that Congress must take bold climate action, setting out her priorities in a July 2021 Seattle Times op-ed, declaring, “Congress must provide President Biden with a landmark investment in climate action that protects our planet.” forever and ever will protect future generations – nothing less will do.” Senator Murray has rallied her Senate peers as leaders in the fight to pass bold climate legislation and continues to push for climate action in every way possible.