Washington, DC – Foreign Policy for America congratulates Congress on passing the most significant federal climate legislation ever enacted. The Inflation Reduction Act will not only galvanize domestic and international climate efforts, but strengthen American innovation and competitiveness in the sectors powering growth and opportunity in the 21st century global economy. In sending this historic legislation to President Biden, Congress has set the stage for a decisive decade of climate action at home and abroad.
The IRA’s $370 billion investment in clean energy and climate solutions could bring U.S. emissions 40% below 2005 levels by the end of the decade. This would put President Biden’s 50%-52% pledge and the goals of the Paris Agreement within reach and help restore international confidence in U.S. climate leadership. At the same time, these programs will create hundreds of thousands of jobs, reduce energy costs for American families and enhance our energy security.
This bill truly is a win-win-win, but it is the starting gun, not the finish line. The Inflation Reduction Act will be a catalyst for a virtuous cycle of climate action at home and abroad and across all levels of government and the private sector. If we are to avoid the most devastating impacts of climate change and capitalize on the greatest economic opportunity of the 21st century, we must continue to accelerate domestic clean energy innovation, manufacturing, and deployment and support developing and vulnerable countries’ efforts to mitigate and adapt to climate change.
“Final passage of the Inflation Reduction Act represents a turning point in the global fight against climate change. It delivers good-paying jobs for Americans — but just as important, it gives us hope for the future,” said Andrew Albertson, Foreign Policy for America’s Executive Director. “This legislation will put the U.S. in a position to lead the energy transition and drive progress toward domestic and international emissions reduction goals. Looking forward, we must collectively sustain and build on the strong foundation Congress and the Biden Administration have just laid.”