More Than 100K Jobs In Clean Energy Announced Since US Adopted Climate Law - Study
- Since the Inflation Reduction Act became law in August 2020, companies have announced more than 100,000 clean energy jobs in the US, according to an analysis by the nonprofit advocacy group Climate Power. The law provides billions of dollars in tax credits and other incentives to develop green industries.
Since the Inflation Reduction Act (IRA) became law in August 2020, companies have announced more than 100,000 clean energy jobs in the US, according to an analysis released Monday by the nonprofit advocacy group Climate Power. The group monitored press clippings and company announcements to estimate private-sector jobs across a range of sectors that aim to reduce greenhouse gas emissions — including electric vehicle and battery manufacturing, wind and solar energy and home energy efficiency. The group identified more than 90 new clean energy projects in 31 states that have been announced since President Joe Biden signed the IRA, representing a total of nearly $90 billion in new investment. Most of those projects are in seven states: Arizona, Georgia, Michigan, Ohio, South Carolina, Tennessee and Texas. Georgia has attracted the most investment so far, with roughly $15 billion worth of projects in the pipeline that are expected to produce close to 17,000 jobs. (Source: Climate Power)
Why does it matter?
The Inflation Reduction Act is a landmark climate bill that aims to cut the nation’s climate emissions 40% from 2005 levels by 2030. It provides billions of dollars in tax credits and other incentives to develop green industries. Prior to the IRA’s passage, the green labor group BlueGreen Alliance and the Political Economy Research Institute at the University of Massachusetts, Amherst released an estimate that it would create more than 9 million jobs over a 10-year period. The announcement of more than 100,000 jobs in the clean energy sector since the law's passage is a sign that the law is having a positive impact on the US economy.
Lori Lodes, Climate Power’s executive director and co-founder, said that the economic boom is just beginning and that the group will continue to track new clean energy project announcements. The Inflation Reduction Act is expected to have a long-term impact on the US economy, and the announcement of more than 100,000 jobs in the clean energy sector is just the beginning. The US is also expected to benefit from increased investment in green technologies, as well as improved air quality and public health from reduced emissions.