![]() ![]() One of the most significant provisions of the law financially incentivizes nonprofit organizations to go solar. This landmark legislation aims to build a clean energy economy and reduce greenhouse gas emissions by approximately 40% by 2030, according to the federal government. The Inflation Reduction Act (IRA) signed into law by President Biden on August 16, 2022, dedicates $369 billion to combat climate change. Here’s a breakdown of the IRA’s major provisions-by the numbers.By Ken LaRoe, CEO and Founder of Climate First Bank The Bipartisan Infrastructure Law (BIL), the CHIPS & Science Act, and IRA have partially overlapping priorities and together introduce $2 trillion in new federal spending over the next ten years. This is the third piece of legislation passed since late 2021 that seeks to improve US economic competitiveness, innovation, and industrial productivity. ![]() 14,” Congressional Budget Office, September 7, 2022. ![]() 2 “Estimated budgetary effects of Public Law 117–169, to provide for reconciliation pursuant to Title II of S. The Congressional Budget Office (CBO) estimates that the law will reduce budget deficits by $237 billion over the next decade. It also allocates money directly to environmental justice priorities and requires recipients of many funding streams to demonstrate equity impacts. The act aims to catalyze investments in domestic manufacturing capacity, encourage procurement of critical supplies domestically or from free-trade partners, and jump-start R&D and commercialization of leading-edge technologies such as carbon capture and storage and clean hydrogen. This article is a collaborative effort by Justin Badlam, Jared Cox, Adi Kumar, Nehal Mehta, Sara O’Rourke, and Julia Silvis, representing views from McKinsey’s Public Sector Practice. ![]()
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