Ceres Vice President of Government Affairs Anne Kelly released the following statement after President Biden signed the Inflation Reduction Act of 2022 into law:

“Thanks to the leadership of President Biden, Majority Leader Schumer, Speaker Pelosi, the many lawmakers who have long supported ambitious climate action, and those who negotiated in good faith to reach this historic agreement, American businesses and families are finally positioned for fight effectively. the climate crisis.

“The Inflation Reduction Act is bold climate legislation that leading companies and investors have long supported, which is why so many worked hard to secure this package over the past 18 months. Companies and investors know that the new law will dramatically strengthen the U.S. clean energy industry to ensure our nation competes in the global economy of the future, bringing jobs, cost savings, energy security, public health benefits and flourishing new industries for communities. all over the place. By reducing emissions, it will reduce the huge risk of economic damage and human harm from the climate crisis. And by investing in communities that are too often marginalized or left behind, it will ensure that the transition to a cleaner economy benefits everyone.

“As we celebrate the largest climate investment in US history, we must recognize that it is a starting point. The work is not over. It is now the responsibility of those at all levels of the public and private sectors—including companies, investors, and state and federal legislators and regulators—to ensure that we not only take advantage of this important package, but build on it to achieve climate our national and environmental justice objectives. Yet this is why we celebrate today: The Inflation Reduction Act has made our vision of a fair and clean energy economy even more attainable.”

Ceres has long worked with companies and investors to support bold climate policies that accelerate the transition to a clean energy economy, recognizing that they are essential to limiting climate-related economic risk and creating significant business opportunities. in addressing the climate crisis.

Over the past year-plus, more than 2,900 companies with more than $5.1 trillion in annual revenue and more than 400 million global employees participated in corporate America’s push for federal legislation to invest in clean energy, transportation clean, advanced manufacturing, local supply chains. climate resilience, environmental justice and resilient agriculture. These efforts included:

  • A letter signed last December by 437 companies, investors, trade groups and employers calling on the US Senate to pass a climate investment package that was previously passed by the House of Representatives;
  • February meetings with dozens of senior leaders from influential companies and key Congressional offices to push for swift passage of a federal reconciliation bill, including historic climate, clean energy and environmental justice investments;
  • Siemens US CEO Barbara Humpton’s participation at a March Punchbowl News event, highlighting the corporation’s core advocacy for strong climate policy:
  • A letter from nearly 50 major companies, each generating more than $200 million in annual revenue, calling for the climate package to be advanced as Congress returns to session in April;
  • Meetings between more than 100 major companies and bipartisan lawmakers in May as part of LEAD on Climate 2022, pushing for congressional climate action;
  • A June letter from more than 1,000 companies of all sizes, representing every state in the country and industry in the economy, making the business case for these investments;
  • A letter from seven CEOs at some of the nation’s largest companies injecting their personal calls for climate provisions into a reconciliation deal at a critical point in Senate negotiations;
  • A business roundtable with President Biden on August 4 focused on the IRA, featuring leaders from Ameren, Carrier, Cummins, General Motors and Kaiser Permanente;
  • Individual statements from many major companies and trade associations in support of these climate provisions over the past year, including a surge in support for the Inflation Reduction Act after Sens. Schumer and Manchin announced the deal in late July.
  • A letter released days before the Senate vote signed by dozens of major companies, urging passage of the Inflation Reduction Act.

Ceres is a non-profit organization that works with the most influential capital market leaders to solve the world’s biggest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we catalyze action and inspire equitable market-based and policy solutions across the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.

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