Inflation Reduction Act: What You Need to Know
At the end of July, Majority Leader Schumer and Senator Manchin reached a deal on a new reconciliation package known as the Inflation Reduction Act, which has now passed through the Senate. While it’s disappointing that the package includes some giveaways to the fossil fuel industry, the overall package is an overwhelming win for climate action, with impartial analyses showing pollution reductions that finally give us a shot at hitting our Paris Accord climate commitments.
This is critical climate legislation that will invest $369 billion in climate, clean energy, and environmental justice investments and is projected to help cut planet-warming pollution roughly 40% by 2030 and protect our communities from future devastation.
Congress now has a once-in-a-generation opportunity to lower energy and health care costs, fight inflation, and create millions of new jobs to lead a clean energy economy. To learn more about what this means, we recommend reading LCV’s fact sheet, which you can download here.