Within days, Congress is expected to vote on a historic investment ($369 billion, to be precise) in climate and clean energy. The Inflation Reduction Act of 2022 (IRA) represents a huge step forward, moving both the U.S. and the world toward our climate goals. In total, its passage could mean a 40 percent reduction in emissions by 2030 — unprecedented progress that can make or break our progress toward climate goals.
Companies have a big opportunity to be on the right side of climate history by speaking up loud and clear for this bill. The corporate voice is essential to securing this win for climate — and employees will take note of whether their company is vocal or silent. We got to this juncture in part because of clear vocal support from some in the corporate sector. Now is the time for all climate-positive companies to speak up and help get this bill over the finish line.
What if we fail? The consequences of inaction are steeper than ever, as the goal of holding warming to 1.5 degrees Celsius drifts slowly out of reach. And while the private sector is tackling major challenges and making remarkable progress on many fronts, it is also clear that bold public policy is a necessary accelerant to drive the rapid economy-wide decarbonization we need. The Inflation Reduction Act is not perfect — but it will dramatically accelerate progress across the U.S. economy, speeding up the emissions-reduction efforts of the private sector and scaling them across the economy. The private sector should find it cheaper, easier and faster to meet its own emissions targets with the IRA policies in place. Read more…
