The Inflation Reduction Act (IRA) of the United States has had a significant environmental impact for a piece of legislation targeted at decreasing price increases.
One Year After Achievements of The US Inflation Reduction Act (Photo: Grist)
The IRA, which President Joe Biden signed into law in August 2022, includes billions of dollars in investments and tax credits to help the country’s green energy transition and sustainability efforts.
According to World Economic Forum, one year after, the achievement of the IRA is that it has been credited with producing more than 170,000 new green jobs across the country. Climate Power, a non-profit organization, found that by July 2023, over 270 new renewable energy projects had been developed nationwide, totaling $278 billion in new investments.
According to some analysts, the IRA has boosted efforts to reduce greenhouse gas emissions to the point where estimates of how much the US will cut emissions by 2030 have been revised higher from a fifth to as much as 42% which is an achievement of the IRA one year after.
It has also an achievement in a boost for EVs and heat pumps one year after. Which it has much of the progress in the United States may be attributed to the IRA’s introduction of a slew of tax breaks for everything from buying an electric vehicle (EV) to installing a heat pump. According to Schroders data, EV sales increased 54% in the first quarter of 2023.
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President Biden’s Inflation Reduction Act emerged in a global economy contending with budgetary uncertainty and environmental difficulties, which not only addressing inflation concerns but also setting the framework for a sustainable future.
According to Energy.gov, DOE’s Office of Infrastructure, which bound from the larger Biden Investing in America Agenda in 2022, was a visionary step toward restoring and updating the nation’s key infrastructure.
It is the Department of Energy’s (DOE) demonstration and deployment arm, which is tasked with managing billions of dollars in historic investments from the Inflation Reduction Act and the Bipartisan Infrastructure Act to renew our nation’s infrastructure, address climate change, create millions of good-paying jobs, increase American competitiveness, and rebuild domestic manufacturing, which are the achievements of the act one year after.
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