Statement From ClimateWorks Foundation About the Inflation Reduction Act
SAN FRANCISCO – August 12, 2022 – As the U.S. Congress today passed the Inflation Reduction Act, ClimateWorks Foundation’s President and CEO Helen Mountford and Board Chair John Podesta issued the following statement:
“Today is a great day for people and the planet. The Inflation Reduction Act (IRA) is a historic step for the United States in taking decisive action to tackle the climate crisis, protect human health, and bring the benefits of a clean economy to all Americans. The Inflation Reduction Act, with its unprecedented climate and clean energy investments, represents the most significant steps taken to date by the United States to meet its commitments to reduce climate pollution and accelerate the transition to clean energy.
The IRA is projected to reduce climate pollution by almost 40% by 2030 compared to 2005 levels according to analyses by Rhodium Group, Energy Innovation, and Yale’s REPEAT project. The reduction in air pollution could avoid the premature deaths of hundreds of thousands of Americans between now and 2030, result in 10 million fewer lost work-days worth $2 billion to the U.S. economy, and increase staple crop yield worth $4 billion to U.S. farmers over the next eight years, enhancing our food security. The law is also a job-creation juggernaut. Blue Green Alliance estimates the IRA will create over nine million jobs over the next decade in clean energy, manufacturing, transportation, efficient buildings, environmental justice, and natural infrastructure.
This landmark bill is an exceptional achievement and the culmination of years of persistence, hard work, and collaboration from a diverse community of climate advocates, analysts, and climate champions in Congress. We are proud that ClimateWorks has supported a number of organizations working towards this result over the years.
To be clear, the IRA is important to the U.S. in its journey to cut climate pollution in half by 2030, but more will still be needed. The law is a compromise and we know that it is far from everything we need. It gives concessions to the oil and gas industry with more leasing and drilling that harms communities that have been suffering for decades from toxic pollution, and the disproportionate impacts of the climate crisis. More must be done to speed the country’s transition away from fossil fuels, address legacy pollution, deliver climate justice, and increase investments in under-resourced communities.
At ClimateWorks, we are committed to supporting this growing community of climate changemakers as the hard but necessary work of creating a thriving planet for all people in the U.S. and around the world continues.”
About ClimateWorks Foundation
ClimateWorks Foundation is a global platform for philanthropy to innovate and accelerate climate solutions that scale. We equip philanthropy with the knowledge, networks, and solutions to drive climate progress. Since 2008, ClimateWorks has granted over $1.3 billion to more than 600 grantees in over 40 countries.