This is how all Americans will benefit from the Growth of the Clean Energy Economy

October 20, 2023

WASHINGTON—President Biden’s Inflation Reduction Act is the most significant legislation to combat climate change in our nation’s history, and one of the largest investments in the American economy in a generation. Already, this investment and the U.S. Department of the Treasury’s implementation of the law has unleashed an investment and manufacturing boom in the United States unlike anything seen in decades—especially in disadvantaged communities.

The Inflation Reduction Act is significant not only because it tackles the climate crisis head on, but because it does so with economic opportunity at its core to build a clean energy economy that includes everyone.

Since President Biden took office, companies have announced more than $115 billion in manufacturing investments to build our clean energy economy. Treasury analysis released in August demonstrates these announced investments in clean energy production, electric vehicles, and batteries are concentrated in communities with lower income, lower college graduation rates and lower employment rates. These investments are a feature of what Secretary Yellen calls modern supply-side economics, which seeks to spur economic growth by both boosting labor supply and raising productivity, while reducing inequality and environmental damage. Investing in these communities helps provide local opportunity and boost national productivity growth.

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https://home.treasury.gov/news/press-releases/jy1830#:~:text=The%20Inflation%20Reduction%20Act%20modifies%20and%20extends%20the%20Renewable%20Energy,meet%20prevailing%20wage%20standards%20and