After mobilizing thousands of investors and companies in support of the Inflation Reduction Act passed by Congress in August, Ceres this week shared recommendations with the U.S. Treasury Department as it prepares to implement major components of the landmark climate and clean energy legislation.
Steven Rothstein, managing director of the Ceres Accelerator for Sustainable Capital Markets, joined Treasury Secretary Janet Yellen, Senior Advisor to the President John Podesta, and more than a dozen other stakeholders on Monday at the Treasury Department’s virtual roundtable on Investor Perspectives on Climate Change, Clean Energy, and the Inflation Reduction Act.
“Together, the companies and investors in our networks made the business case for Congress to pass the Inflation Reduction Act,” Rothstein said. “Now, we are focused on maximizing the environmental, economic, and equity benefits offered by this landmark legislation.”
Treasury is responsible for implementing about two-thirds of the law’s $370 billion in climate measures, which rely largely on tax credits to dramatically grow the U.S. clean energy economy and reduce costs, build industry, and achieve a 40% reduction in U.S. climate pollution by 2030. To do so, Treasury is drafting guidance ahead of a formal rulemaking process and seeking input to provide clarity around many of the IRA’s tax-related provisions.
During Monday’s event, Rothstein provided input related to consumer vehicle credits and energy efficiency incentives for commercial buildings.
Ceres, which has worked with companies and investors for years to advance climate and clean energy policy at the federal and state level, was at the forefront of mobilizing corporate support for the Inflation Reduction Act. More than 2,900 companies with more than $5.1 trillion in annual revenue and more than 400 million global employees participated in the push for its investments in clean energy, clean transportation, advanced manufacturing, domestic supply chains, climate resilience, environmental justice, energy price stability, and resilient agriculture. Ceres is now committed to working with companies and investors to guide the implementation of the IRA, including by engaging with other federal agencies responsible for other investments and policies in the package, such as the Department of Energy and the Environmental Protection Agency.
About Ceres
Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.