A year after Democrats passed their sweeping $750 billion climate and health care law, it's leading to a surge of clean energy projects and job creation, according to a recent Bank of America report.
More than 270 new clean energy projects have been announced since the passage of the Inflation Reduction Act (IRA), with private investments totaling $132 billion, according to the report. These investments are expected to be accompanied by more than 86,000 jobs, including 50,000 jobs related to electric vehicles.
The Inflation Reduction Act "is not only working to strengthen supply chains but also to boost domestic manufacturing and create new jobs," Bank of America said in the report.
The White House is attempting to keep focus on the one-year anniversary of the lnflation Reduction Act's passage this week with an assortment of senior officials traveling across the country to mark the occasion -- selling the bill to voters, a White House official says. A recent poll found most voters still don't know what's in the law.
The nearly $370 billion clean energy and climate package, which passed on a party-line vote, was the largest climate investment in US history. Its goal is to reduce carbon emissions by 40% by 2030. Inflation has cooled over the past year, but it doesn't have much to do with the law.
The bill contained many tax incentives meant to bring down the cost of electricity with more renewables, and spur more consumers to switch to clean electricity to power their homes and vehicles.
Close to half of private investment went to EVs and battery production, while the rest went to renewable energy like solar, wind and nuclear projects, grid investments, and other projects, according to Bank of America. The law is driving the most clean energy job growth in Georgia, South Carolina, Nevada and Tennessee.
The Inflation Reduction Act's "impact is becoming more evident," Bank of America said. The law is expected to "play a vital role in incentivizing investments and creating jobs" in 2024 and 2025, too.
White House touts law
President Joe Biden is traveling to a clean energy manufacturing company in Wisconsin Tuesday and holding an event celebrating the anniversary back at the White House Wednesday.
It comes after a Washington Post-UMD poll out last week found 71% of Americans have heard "little" or "nothing at all" about the legislation one year after its enactment.
Last week, Biden lamented the choice of the law's name.
"The Inflation Reduction Act -- I wish I hadn't called it that, because it has less to do with reducing inflation than it does to do with dealing with providing for alternatives that generate economic growth," he told donors, according to a transcript provided by the White House.