ICYMI: INFLATION REDUCTION ACT WILL CUT CARBON POLLUTION 40 PERCENT, STUDY SAYS

Inflation Reduction Act is a Historic Climate & Clean Energy Bill That Lowers Costs for Families

In Case You Missed It — The Inflation Reduction Act will reduce emissions in the United States by 1.1 billion tons by the end of the decade, according to a new Department of Energy study. When factoring in the Bipartisan Infrastructure Law’s emission reduction, that number becomes 1.26 billion tons.

In total, President Biden’s legislative accomplishments will lower U.S. greenhouse gas emissions by 40 percent compared to 2005 levels, marking a historic step toward addressing the climate crisis and lowering America’s reliance on fossil fuels. Along with new clean energy investments and tax credits, the Inflation Reduction Act will significantly lower energy and fuel costs for families.

READ COVERAGE FROM PBS NEWSHOUR HERE

KEY FINDINGS:

  • The first official federal calculations, shared with The Associated Press before its release Thursday, say that between the bill just signed and last year’s infrastructure spending law, the U.S. by the end of the decade will be producing about 1.26 billion tons (1.15 billion metric tons) less carbon pollution than it would have without the laws. That saving is equivalent to about the annual greenhouse gas emissions of every home in the United States.

  • The Energy Department analysis finds that with the new law by 2030, U.S. greenhouse gas emissions should be about 40 percent lower than 2005 levels, which is still not at the U.S. announced target of cutting carbon pollution between 50 percent and 52 percent by the end of the decade. But that 40 percent reduction is similar to earlier calculations by the independent research firm Rhodium Group, which figured cuts would be 31 percent to 44 percent and the scientists at Climate Action Tracker, which said the drop would be 26 percent to 42 percent.

  • Most of the projected emissions reductions in the nearly $375 billion spending package would come in promoting “clean energy,” mostly solar and wind power and electric vehicles, the federal analysis said.

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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