The Industrial Innovation Initiative (I3) released the following statement today regarding the enactment of the Inflation Reduction Act of 2022. This statement may be attributed to Gabrielle Habeeb, Project Manager for the Industrial Innovation Initiative:
“Today President Biden signed the Inflation Reduction Act of 2022 into law, marking a historic investment in the solutions necessary to decarbonize U.S. industry and meet our midcentury climate goals. This package will set the stage for unprecedented emissions reductions from the vital, yet challenging, industrial sector through critical investments in the cross-cutting solutions necessary to realize widespread decarbonization.
Notably, the inclusion of a Clean Hydrogen Production Tax Credit, essential enhancements to the 45Q Credit for Carbon Oxide Sequestration, an extension of the 48C Advanced Energy Project Credit, funding for the Advanced Industrial Facilities Deployment Program, and investments in Low-Embodied Carbon Materials will help serve as down payment on a cleaner and more prosperous industrial sector.”
For details on these key provisions, see the Industrial Innovation Initiative’s Fact Sheet.
The commitment to a safe and livable climate demonstrated by the Inflation Reduction Act is in line with the priorities of I3‘s coalition of industry and power companies, environmental organizations, labor unions, and state officials.
The following are statements issued by our participants regarding the passage of this historic legislation:
“At Boston Metal, we’re working to make sure tomorrow’s sustainable infrastructure is built on emissions-free steel, so we could not be happier to see the significant climate investments signed into law today.
From solar panels and wind turbines, to hydropower and EVs – steel is a critical material in the transition to a low-carbon economy. The Inflation Reduction Act will undoubtedly drive up demand for steel production. Boston Metal’s technology will ensure that we do not continue to pump more emissions into the atmosphere as we work to meet the goals of the energy transition. We’re especially pleased to see nearly $6 billion in incentives for heavy industries to deploy innovative decarbonization technologies, like our MOE platform.”
CLEAN AIR TASK FORCE
“After months of negotiation, the Inflation Reduction Act is nearly law,” said Conrad Schneider, Advocacy Director at Clean Air Task Force. “This historic climate legislation will position the U.S. as a global leader in the clean energy transition and reaffirms its global commitment to reducing greenhouse gas emissions by 2030. It’s proof positive that economic growth and emissions reduction are not mutually exclusive – and that we can reach our climate goals while creating jobs and reducing inflation.”
“The environmental and economic benefits of this legislation are profound,” said Lindsey Baxter Griffith, Federal Policy Director at Clean Air Task Force. “Through robust investment provided in the Inflation Reduction Act for a diverse array of clean energy technologies, the United States is well positioned to lead the way in a decarbonizing world. We applaud Congress for its commitment to securing these investments.”
“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.”
US CLIMATE ALLIANCE
“We commend Congress for passing historic legislation with urgently needed investments to combat the global climate crisis, strengthen our economy, and safeguard the health and well-being of Americans,” said Alliance co-chairs Governors Hochul (NY), Inslee (WA), and Newsom (CA). “While we know there’s much more work to do to protect the most vulnerable, this puts our country’s commitment to cut emissions in half by 2030 within reach. We stand ready at the state level, alongside President Biden, to use every tool available to deliver on the promise of this legislation – and go even further.”
The Industrial Innovation Initiative (I3) is an ambitious coalition that aims to drive emissions reductions through policy change, supporting quality jobs and investment in key US industrial sectors. I3 builds on years of stakeholder engagement and work with state officials in the Midcontinent region, as well as extensive work advancing decarbonization solutions important to the industrial sector.