Dear Neighbor,
Just over a year ago, President Biden signed the Inflation Reduction Act (IRA) into law.
I was proud to support the IRA, the largest investment in clean energy technologies in history. Already, we can see it turbocharging our transition to renewable energy and helping communities across the country respond to the effects of climate change.
What does the IRA mean for the American people? For one, it means new good paying jobs in the clean energy sector. The IRA has already spurred the creation of more than 170,000 new jobs, and the Labor Energy Partnership predicts that it will add another 1.5 million jobs and $250 billion to the economy by 2030. In just the last year, companies have announced more than $110 billion in clean energy manufacturing investments.
But the benefits extend far beyond our economy and job market. Public and private investments driven by both the IRA and the Bipartisan Infrastructure Law are expected to reduce our greenhouse gas emissions by approximately one billion tons by 2030. According to the Department of Energy, that will leave our emissions levels 41 percent lower in 2030 than they were in 2005.
The IRA is also helping to further the cause of environmental justice and assist underserved communities as they respond to climate change. In fact, the National Wildlife Federation right here in Reston will serve as an Environmental Justice Thriving Communities Technical Assistance Center, a hub to help communities across our region access critical climate resources.
President Biden and Democrats in Congress know that climate change is an existential threat. But we also know that we have the tools to combat it and protect our planet for generations to come. With the Inflation Reduction Act, we are well on our way.
As always, my team and I are here to help. If we can be of assistance, please don't hesitate to call us at (703) 256-3071.