Study after study has touted the benefits of the Inflation Reduction Act (IRA) when it comes to reducing emissions and preparing the U.S. for a renewable-powered future. Researchers from the firm Energy Innovation are the latest to make the case for the IRA’s benefits as the country aims to reach net zero by 2050. Per their analysis, “the IRA could create up to 1.3 million new jobs in 2030 concentrated in the manufacturing, construction, and service industries. Through greater clean energy deployment, the bill could avoid up to 4,500 premature deaths and up to 119,000 asthma attacks annually by 2030.”
Energy Innovation Senior Director of Analysis Robbie Orvis told The Guardian that the law is “a complete jump-start for renewables” because of the many provisions incentivizing renewable energy projects, including investment and production tax credits and rural utilities programs as well as forthcoming rules meant to address connectivity issues pertaining to power grids and charging stations for electric vehicles. Provisions in the IRA alone have the potential to double wind and solar capacity by 2030.
The Energy Innovation study also reconfirmed figures seen in similar studies regarding the potential reduction in greenhouse gas emissions from the IRA’s passage. This adds up to a reduction of emissions up to 43% below 2005 levels “and make significant progress towards achieving the 2030 U.S. [nationally determined contribution] of 50 to 52% below 2005 GHG emissions.” Known as NDCs, the nationally determined contribution plan is a requirement for countries that have signed onto the Paris Agreement.
The plan details how countries can reach target emission reductions and address climate change. Each plan is updated every five years, with the next update slated for 2025. Ahead of that NDC update, it’s exciting to see the Biden administration making real progress on its climate goals with a framework future administrations can build upon. In speaking with The Guardian about the IRA’s impact, Orvis told the outlet that “it will really unleash investment in renewables.” And that’s just the start from one piece of legislation. Imagine how much better things could get if the U.S. addressed the climate crisis as the emergency it is.