One Year In, President Biden’s Inflation Reduction Act is Driving Historic Climate Action and Investing in America
(Source: OFFICE OF INTERGOVERNMENTAL AFFAIRS August 20, 2023)
In the 12 months since the President signed the Inflation Reduction Act into law:
- The private sector has announced more than $110 billion in new clean energy manufacturing investments, including more than $70 billion in the electric vehicle (EV) supply chain and more than $10 billion in solar manufacturing.
- Investments in clean energy and climate since the Inflation Reduction Act was signed have created more than 170,000 jobs, and the law is projected to create more than 1.5 million additional jobs over the next decade.
- Public and private sector investments driven by the Inflation Reduction Act and the Bipartisan Infrastructure Law are expected to reduce greenhouse gas emissions by approximately 1 billion tons in 2030.
- The Administration has already awarded over a billion dollars to help communities become more resilient and protect them from the disastrous impacts of climate change.
- American families are projected to save $27-38 billion on their electricity bills from 2022-2030.
- Nearly 15 million people are saving an average of $800 per year on their health insurance premiums, and millions of seniors on Medicare are paying less in out-of-pocket costs for prescription drugs—including insulin, which is capped at $35 per month.