ICYMI: CLEAN ENERGY LOANS IN INFLATION REDUCTION ACT WILL BOOST AMERICA’S CLIMATE FIGHT

Loan Program is a Substantial Investment in the Future of Clean, Affordable Energy

In Case You Missed It — The Inflation Reduction Act authorizes loans and loan guarantees up to $350 billion for clean energy projects and businesses, a huge step forward in the fight for cleaner and cheaper renewable energy. The new funding amount was highlighted by The New York Times last week and was called the “sleeping giant” of the Inflation Reduction Act by former assistant energy secretary Dan Reicher.

KEY QUOTES:

  • Tucked into the Inflation Reduction Act that President Biden signed last week is a major expansion of federal loan programs that could help the fight against climate change by channeling more money to clean energy and converting plants that run on fossil fuels to nuclear or renewable energy.

  • The law authorizes as much as $350 billion in additional federal loans and loan guarantees for energy and automotive projects and businesses. The money, which will be disbursed by the Energy Department, is in addition to the better-known provisions of the law that offer incentives for the likes of electric cars, solar panels, batteries and heat pumps.

  • “This is a sleeping giant in the law and a real gold mine in deploying these resources,” said Dan Reicher, who was an assistant energy secretary in the Clinton administration. “This massive amount being made available is a big deal.”

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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