Inflation Reduction Act Invests in the Environment
The act, signed in August by President Joe Biden, will invest $369 billion in the environment.
- By Alex Saurman
- Sep 02, 2022
In August, President Joe Biden signed the Inflation Reduction Act, one of the largest investments in climate change ever.
The act invests $369 billion in “energy security and climate change,” according to a Senate summary. A portion of these funds will be allocated to multiple government agencies for environmental changes. According to the law summary, some of the agencies include the USDA for forest restoration, the EPA for many actions, including a “greenhouse gas reduction fund,” and the Bureau of Land Management for various projects including “drought mitigation.”
“EPA is ready to advance President Biden’s bold environmental agenda, ensure these investments reach the communities that need them most, and make people’s lives healthier today and in the future,” said Michael S. Regan, U.S. Environmental Protection Agency Administrator, in a news release.
According to a White House statement, the act will lead to cleaner energy through more solar panels and wind turbines and will reduce greenhouse gas emissions and particle pollution by 2030.
The Inflation Reduction Act also extends and creates tax credits, according to the summary, including for electric vehicles, construction projects that reduce energy in homes, some homes and commercial buildings that are energy-efficient and “investment in certain energy properties,” like solar. Per another White House statement, some consumers may also receive rebates for upgrades to home appliances that are energy-efficient.
Alex Saurman is the Content Editor for Environmental Protection.