Abstract
The Inflation Reduction Act (Act) passed by the United States Congress and signed into law by President Biden reaffirms the role of the United States as a world leader in advancing clean energy development and decarbonizing the US economy. The legislation contains $369 billion in funding for clean energy technology manufacturing, development, and use, and includes tax incentives for electrifying transportation. The Act itself is the largest climate and energy bill in US history. And the Act, together with the Bipartisan Infrastructure and Investment Jobs Act of 2021, represents the largest investment in industrial and manufacturing policy in US history. Energy policy support and financial incentives provided in the two pieces of legislation address: (1) energy affordability; (2) domestic energy supply diversity and security; (3) improved energy system efficiency, reliability, and resiliency; (4) decarbonization of the economy; and (5) expanded and enhanced environmental stewardship.
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