Biden Signs Inflation Reduction Act Into Law

Julia Schneemann | | Industry NewsIndustry News
Windmills on horizon
Windmills – one of the forms of renewable energy the Act supports, picture: Jason Blackeye on Unsplash

On August 16, President Biden signed the Inflation Reduction Act (IRA) into law after the House of Representatives had narrowly voted in its favor last Friday with 220-207 votes. President Joe Biden remarked during the Act’s signing, “With this law, the American people won and the special interests lost.”

The IRA will spend $369 billion on climate change-related matters to secure a sustainable world for future generations. The aim is, amongst others, to incentivize the production of clean energy and electric vehicles in the Midwest and South of the US by utilizing tax credits. The hope is that this will create tens of thousands of jobs in areas that have long been marred by high unemployment rates and labor force participation, like Mississippi, Michigan, and Nebraska. The Act further aims to make prescription medication affordable and to pay back a large chunk of the national debt.

POW IRA spend, inflation reduction act
Infographic by POW on where the Funds will be spent, source: Protect Our Winters POW

The Inflation Reduction Act targets a reduction in greenhouse gas emissions by 50%. Independent think tank Rhodium Group believes that the Act will help accelerate this target but estimate it will probably not quite get to a 50% reduction, but rather a 40% reduction of greenhouse gas emissions.

Jeremy Jones, CEO and Founder of Protect our Winters (POW), was cheering yesterday, calling it a “massive leap forward […] to protect the places we live and lifestyles we love”. In 2013, Jeremy was awarded “Champion of Change” by Barrack Obama for his tireless efforts in raising awareness about the impacts of climate change on the winter sports industry by creating POW in 2007.

The team at POW had been petitioning for this Act for several years, so it finally becoming law must feel like a massive victory for Jeremy.

Related Articles

6 thoughts on “Biden Signs Inflation Reduction Act Into Law

  1. Great pr. Topic of the day is inflation. Let’s call it inflation reduction act. People just read headlines so they will never get that it has nothing to do with inflation reduction. Scary!

  2. @ Fergy,

    I excel at math but suffer from dyslexia. I thought your party was the accepting group that caters and elevates people of all abilities.

  3. It’s amazing people still vote for these clowns. This is like paying off a credit card with another credit card

Got an opinion? Let us know...