Ceres Vice President of Government Affairs Anne Kelly issued the following statement after President Biden signed into law the Inflation Reduction Act of 2022:
“Thanks to the leadership of President Biden, Majority Leader Schumer, Speaker Pelosi, the many lawmakers who have long supported ambitious climate action, and those that negotiated in good faith to strike this landmark deal, American businesses and households are finally positioned to effectively fight the climate crisis.
“The Inflation Reduction Act is the bold climate legislation that leading companies and investors have long supported, which is why so many pressed so hard to secure this package over the last 18 months. Companies and investors know the new law is going to dramatically bolster the U.S. clean energy industry to ensure our nation competes in the global economy of the future, while bringing jobs, cost savings, energy security, public health benefits, and flourishing new industries to communities across the country. By lowering emissions, it will reduce the vast risk of economic damage and human harm from the climate crisis. And by investing in the communities that have too often been marginalized or left behind, it will ensure the transition to a cleaner economy benefits all.
“As we celebrate the largest climate investment in U.S. history, we must recognize that it is a starting point. The work is not over. It is now the responsibility of those at all levels of both the public and private sectors — including companies, investors, and state and federal lawmakers and regulators — to ensure we not only capitalize on this important package but build upon it to achieve our national climate and environmental justice goals. Yet that is why we celebrate today: the Inflation Reduction Act has made our vision of a just, clean energy economy even more achievable.”
Ceres has long worked with companies and investors to support bold climate policies that accelerate the shift to a clean energy economy, recognizing they are essential to limiting climate-related economic risk and creating the considerable business opportunities in addressing the climate crisis.
Over the last year-plus, 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 included:
A letter signed last December by 437 companies, investors, trade groups, and employers calling on the U.S. Senate to pass a package of climate investments that were previously passed by the House of Representatives;
February meetings with dozens of senior leaders from influential companies and key Congressional offices to urge swift passage of a federal reconciliation bill including the historic climate, clean energy, and environmental justice investments;
Participation by Siemens USA CEO Barbara Humpton in a March Punchbowl News event highlighting the substantial corporate advocacy for robust climate policy:
A letter from nearly 50 large companies, each generating more than $200 million in annual revenue, calling for the climate package to advance as Congress returned to session in April;
Meetings between more than 100 major companies and lawmakers of both parties in May, as part of LEAD on Climate 2022, pushing for Congressional climate action;
A June letter from more than 1,000 companies of all sizes, representing every state in the country and industry in the economy, 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 in a reconciliation deal at a critical point in the Senate negotiations;
A business roundtable with President Biden on Aug. 4 focused on the IRA, that featured leaders from Ameren, Carrier, Cummins, General Motors, and Kaiser Permanente;
Individual statements from many large companies and trade associations in support of these climate provisions over the last year, including a surge of support for the Inflation Reduction Act after Sens. Schumer and Manchin announced the deal in late July.
A letter released days ahead of the Senate vote signed by dozens of large companies, urging approval of the Inflation Reduction Act.
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.