They discussed their shared encouragement about the bipartisan effort underway to provide crucial relief to millions of Americans. Today's conversation with business leaders focused on issues of common concern and areas where the government and private sector must work together to address the immediate economic and public health crisis and get the country through the challenging six to nine-month period ahead, so we can begin to Build Back Better. Thank you very much for sharing your thoughts with us today.Treasury Secretary-designate Janet Yellen and Deputy Treasury Secretary-designate Wally Adeyemo met with members of the Business Roundtable Board of Directors on Friday, capping their first week of meetings with leaders from racial and economic justice organizations, American manufacturing and other economic organizations. We hope this dialogue is just the beginning of our partnership and that we will continue coming together to share insights, expertise, and feedback as we implement this law. Many of your organizations are active-and have been for years-in communities that are on the front lines of the climate crisis – communities that also stand to benefit greatly from the Inflation Reduction Act’s concerted emphasis on equity. Particularly, that includes areas where our upcoming guidance can help to further accelerate the build-out of a clean energy economy. Today, we’d like to hear from you on the key priorities for Treasury to consider as we implement the Inflation Reduction Act. And given that we are already almost two years into this decisive decade, we can’t waste any time. It’s also an investment in building a clean energy economy that includes everyone.īut we still have a lot of work to do to translate this critical legislation into reality. Put together, the Inflation Reduction Act is not just a historic investment in climate. It provides cost-saving measures that will reduce household utility bills and help protect our country from future fossil energy price volatility, which disproportionately impacts low-income families.Īnd it allows state, local, and Tribal governments, as well as tax-exempt organizations, to receive tax incentives as direct payments, expanding the range of actors with an incentive to invest in their communities. It includes labor provisions, so that workers will see the benefits of the clean energy economy they are building. It provides place-based incentives to drive investment in a wide range of communities across the country and help ensure no community is left behind. The Inflation Reduction Act is significant not only because it tackles the climate crisis head on, but because it does so with equity and economic opportunity at its core. We could not have reached this moment without you and are grateful for your tireless efforts. The Inflation Reduction Act’s passage reflects years of work by many of the organizations here today. We now have a path to meet our 2030 climate targets, on the road to a net-zero economy by 2050. I’m looking forward to this discussion of how we realize the IRA’s tremendous potential to address climate change, and to do so with equity as a core pillar and priority.Īs you know the Inflation Reduction Act is the most significant climate legislation in our nation’s history. This is the third of six roundtables that we are hosting on the Inflation Reduction Act’s climate and clean energy tax incentives.
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