The historic Inflation Reduction Act, signed into law this week, is the most significant piece of legislation supporting clean energy and climate change mitigation in U.S. history.
The law stands to devote $369 billion to clean energy incentives, energy efficiency, green fuels, and more actions that researchers say could bring the U.S. in line with its Paris Agreement goal of reducing greenhouse gas emissions by 40% from 2005 levels.
“We cannot say that this bill alone will achieve our climate goals, but for the first time, it puts us on the path,” said Gregory Wetstone, CEO of the American Council on Renewable Energy.
Energy Secretary Jennifer Granholm, Sen. Ron Wyden (D-OR), and Sen. Jeff Merkley (D-OR) toured the ESS iron flow battery manufacturing facility in Oregon on Aug. 9 to tout the impact of the bill on clean energy technologies, like long-duration energy storage.
“Innovative, long-duration energy storage technologies like ESS’s iron flow batteries, built here in Oregon, can play a critical role in addressing the climate crisis and decarbonizing our grid,” Merkley said. “The Inflation Reduction Act is the first step in building a resilient, low-carbon energy system that delivers real opportunity for Oregonians and Americans.”
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