New Federal Laws To Provide Investment Boost For Climate Action

The Inflation Reduction Act was signed off just a few days ago, and it has already become clear that there is a huge funding boost for climate action. Three new laws look like they will provide over $500 billion in funding over the next ten years. 

This is in addition to all other local and federal climate-related investments already underway. 

Reuters has published some details about the so-called CHIPS portion of the bill, which specifically targets research investment.
The estimated $514 billion total includes $362 billion from the IRA, $98 billion from the infrastructure act and $54 billion from the bipartisan-supported CHIPS law, although Congress will have to pass further legislation for some of the funding to be released. The analysis excludes additional agriculture and land-related climate spending.

The overall plan is to establish a clear green industrial policy that allows individuals and companies to make larger investments in clean energy solutions that will pay off significantly in the years to come. 

Yes, the upfront investment of solar panels might be significant, but once people see the reduced costs of their otherwise soaring energy bills, it becomes a clear winner. 

And when there are more government grants and investments to drive down those initial expenses, then it becomes a viable option for a lot more homes and businesses. 

Chris is one of GreenCitizen’s writers who has been a long-time advocate of individual responsibility when it comes to the environment. He shares GreenCitizen's passion for making the world a better place every day of the year.

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