IRA Dubbed Most Consequential Energy Legislation in Decades
The Inflation Reduction Act (IRA) will be the most consequential energy legislation in decades.
That’s according to U.S. Secretary of Energy Jennifer M. Granholm, who also outlined that the act will be “the most significant federal climate action ever”.
“President Biden entered office with a pledge to build a new economy powered by clean energy - one that lowers costs for American families, creates good-paying jobs for American workers, and increases our energy independence,” Granholm said in a Department of Energy (DOE) statement.
“Thanks to the Senate’s passage of the Inflation Reduction Act of 2022, the Biden-Harris administration is on the cusp of delivering on that pledge,” Granholm added.
In the DOE statement, Granholm noted that the IRA’s “monumental” investments in clean energy and decarbonization technologies will position the United States “to lead a global market on track to reach a minimum $23 trillion by the end of this decade, while revitalizing domestic manufacturing and employing millions more American workers”.
“These clean energy tax credits will make cost-saving products like EVs, rooftop solar, and heat pumps far more affordable, so the average household can immediately enjoy the benefits of the cheap, clean energy revolution,” Granholm added in the statement.
“And they will give us a bulwark against both the volatility of fossil fuel markets and the existential threat of climate change … I look forward to watching President Biden make history and begin a new American century with the stroke of his pen,” Granholm continued.
Commenting on the Senate passing of the IRA, U.S. President Joe Biden said the bill “makes the largest investment ever in combatting the existential crisis of climate change”.
“It addresses the climate crisis and strengthens our energy security, creating jobs manufacturing solar panels, wind turbines, and electric vehicles in America with American workers. It lowers families’ energy costs by hundreds of dollars each year,” Biden added.
Although praised by the Democrats, the IRA bill has not been well received by the Republican party. In a statement posted earlier this month, the Republican National Committee (RNC) noted that the IRA bill won’t bring down prices and stated that it will raise taxes during a recession, give $80 billion to the IRS, and extend tax breaks for the wealthy.
In the statement, the RNC also noted that Biden wants to impose a new natural gas tax, “which based on a previous version of the tax could jeopardize 100,000 jobs and lead to a 17 percent increase in monthly natural gas bills, costing the average American family roughly $100 per year”.
Commenting on the IRA bill this week, Republican National Committee Chair Ronna McDaniel said, “Democrats will pay the price in November for raising taxes on families during a recession”.
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