The largest climate, clean energy, and environmental justice investment in U.S. history has been signed into law

After President Biden signed the Inflation Reduction Act of 2022, Anne Kelly, Ceres’ vice president of government affairs, released the following statement:

“Thanks to the leadership of President Biden, Majority Leader Schumer, Speaker Pelosi, the many lawmakers who have long supported ambitious climate action, and who negotiated in good faith to strike this historic deal, American businesses and households are finally able to effectively fight back.” The climate crisis.

“The Inflation Reduction Act is bold climate legislation that major companies and investors have long supported, which is why many have pushed hard to secure this package over the past 18 months. Companies and investors know the new law is going to dramatically strengthen the U.S. clean energy industry.” is so that our nation competes in the global economy of the future, creating jobs, cost savings, energy security, public health benefits, and thriving new industries in communities across the country. By reducing emissions, it will reduce the enormous risk of economic damage and human loss from the climate crisis. And By investing in communities that are often marginalized or left behind, it will ensure a transition to a cleaner economy that benefits everyone.

“As we celebrate the largest climate investment in U.S. history, we must recognize that this is a starting point. The work is not finished. It is now the responsibility of all levels of companies, investors, and state and federal lawmakers and regulators—both public and private—to ensure To ensure that we not only capitalize on this important package, but build on it to achieve our national environmental and environmental justice goals. Yet we celebrate today: The Inflation Reduction Act made our vision of a just, clean energy economy even more attainable.

Ceres has long worked with companies and investors to support bold climate policies that accelerate the transition to a clean energy economy, recognizing that they need to limit climate-related economic risk and create substantial business opportunities to address the climate crisis.

Over the past year, more than 2,900 companies with more than $5.1 trillion in annual revenue and more than 400 million global employees participated in Corporate America’s push for federal legislation to invest in clean energy, clean transportation, advanced manufacturing, domestic supply chains. Climate Resilience, Environmental Justice, and Resilient Agriculture. These efforts include:

  • A letter signed last December by 437 companies, investors, trade groups, and employers calling on the US Senate to pass a climate investment package that was previously passed by the House of Representatives;
  • in February with dozens of senior leaders from influential companies and key congressional offices to urge swift passage of the federal reconciliation bill, including historic climate, clean energy, and environmental justice investments;
  • Siemens USA CEO Barbara Hampton’s participation in the March Punchbowl news event highlighting substantial corporate advocacy for strong climate policy:
  • A letter from nearly 50 large companies, each generating more than $200 million in annual revenue, calling for the climate package to go ahead after Congress returns to session in April;
  • meetings in May between more than 100 major companies and lawmakers from both parties, as part of LEAD on Climate 2022, emphasizing Congressional climate action;
  • Letters from more than 1,000 companies of all sizes, representing industry in every state and economy in the country, pressing the business case for these investments;
  • a letter from seven CEOs at some of the nation’s largest companies, injecting their personal calls for climate provisions into the reconciliation deal at a critical point in Senate negotiations;
  • A business roundtable with President Biden on August 4 focused on the IRA, including leaders from Ameren, Carrier, Cummins, General Motors, and Kaiser Permanente;
  • Individual statements from several major companies and trade associations in support of these climate provisions over the past year, including a surge in support for the Inflation Reduction Act after Sens. Schumer and Mnuchin announced the deal in late July.
  • The letter, signed by dozens of major companies, was released days before the Senate vote, urging approval of the Inflation Reduction Act.

Ceres is a for-profit organization working with the most influential capital markets leaders to solve the world’s biggest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we inspire equitable market-based and policy solutions across the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.

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