The “Inflation Reduction Act of 2022,” provides $369 billion for climate and clean energy provisions, the most aggresive climate investment ever taken by Congress.
“This is a sleeping giant in the law and a real gold mine in deploying these resources,” said Dan Reicher, who was an assistant energy secretary in the Clinton administration. “This massive amount being made available is a big deal.” The Inflation Reduction Act will add $100 billion to existing loan programs for financing production of electric vehicles, for instance, and for projects on tribal lands. It will also add up to $250 billion in new loan guarantees and $5 billion to support the costs of loan programs. The US has taken the aggressive and ambitious goal of reducing carbon emissions by roughly 40% by 2030.