IRA’s Passage Sets Us on Path to Win the Battle on Climate
To Our Builders Vision Community:
With today’s passage of the Inflation Reduction Act of 2022, our nation has taken a major step toward building a more humane and healthy planet. In addition to lowering healthcare costs for millions of Americans and reducing the deficit, this groundbreaking, budget-neutral package represents the single biggest climate investment in U.S. history, by far.
The government’s nearly $370 billion investment in climate solutions includes crucial policy tools like clean electricity tax credits and historic investments in American manufacturing of clean technologies, which promise to generate substantial economic growth and emissions reductions over the next decade. What’s more, a new $27 billion clean energy technology accelerator–also known as a “green bank”– will unlock billions of dollars in additional private investments to support clean energy deployment, especially in disadvantaged communities.
With our partners, Builders Vision champions the environmental priorities advanced in this bill, including support for clean energy deployment, sustainable agriculture practices, environmental justice, conservation, and restoration of coastal habitats.
These investments will enable the U.S. to reduce its greenhouse gas emissions by roughly 40 percent below 2005 levels by the end of this decade, closing two-thirds of the remaining emissions gap between current policy and the nation’s 2030 climate target.
This package provides a foundation that will enable us to win the battle on climate over the next decade. But we fully recognize that this legislation will not solve the climate crisis alone. Now is the time for all of us to redouble our efforts to help foster positive changes in market behavior and additional private sector support needed to close the remaining emissions gap.
We are especially grateful to the climate advocates – including our portfolio companies, grantees, and partners – who have been at the forefront pushing for legislative climate solutions. We wouldn’t have gotten to this moment without all of your hard work. Thank you for your passionate commitment. You are truly at the forefront of change.
In partnership,
Lukas Walton
