CICE applauds the release of the Inflation Reduction Act of 2022

In response to the Inflation Reduction Act of 2022 framework recently released, Chambers for Innovation and Clean Energy (CICE) issues the following statement:

Chambers for Innovation and Clean Energy (CICE) applauds the Inflation Reduction Act of 2022 framework released yesterday that packages the elements of clean energy and climate policy that are the most impactful to further accelerate the clean energy economy, take meaningful steps to address climate change, and fight inflation.

“The clean energy and climate policies included in this package are a tremendous win for our country and economy. In particular, a ten-year extension of the Investment Tax Credit (ITC) for renewable energy, which has demonstrated a significant return on investment over the years, will generate hundreds of thousands of jobs, create billions of dollars of economic activity, and help fight inflation,” said Ryan Evans, executive director of CICE. “Further, the extension of the tax credits will create certainty for clean energy development that will protect Americans from the volatility of natural gas prices, increase demand for renewable energy, and help decrease utility expenses for ratepayers across the country.”

Other key provisions in this package include tax credits for electric vehicles (EVs) and domestic clean energy manufacturing, as well as funding to accelerate mining of critical minerals needed to power the clean energy transition and increase competitiveness. These, combined with the ITC, will not only boost our economy but will also help our country achieve energy independence.  The inclusion of funding to address environmental justice will improve the health and quality of life in underserved communities as well as create high-paying quality jobs where they are needed most.

CICE urges Congress to move quickly and pass this important legislation.