The largest climate legislation in U.S. history passed the House of Representatives on Friday, August 12th. Part of the Inflation Reduction Act, $370 billion will be invested to transform markets for energy efficiency and renewable energy to drive down greenhouse gas emissions by 40%.
The bill also includes monumental incentives and investments to expand the green building market. Companies and consumers will be given tax incentives for energy efficiency improvements to buildings, renewable power generation, electric vehicles, distributed energy resources and other clean energy technologies.
Billions of dollars will also be invested into public building upgrades, green building improvements to affordable housing and low embodied carbon construction materials. It will even offer tens of billions in new clean energy financing opportunities, such as Department of Energy loans, a clean-tech accelerator green bank, and environmental justice and community redevelopment grants.
For more information on the Inflation Reduction Act, check out our highlights.
We’re excited for this bill to be passed into law. We believe this is a huge moment in American history and we’re looking forward to a more sustainable future.
Have a green building project you’re in need of sustainability support on or just looking to understand what this can mean for your business? Get in touch.