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On August 16, 2022, President Biden signed the largest climate bill in American history – the Inflation Reduction Act (IRA) – into law, a landmark investment of $369 billion in climate and clean energy programs.

The landmark bill has transformed sentiment among investors and developers to U.S. renewable energy but also laid bare challenges yet to be met, writes Gregory Wetstone.

Working in collaboration to help illustrate the path toward a just and equitable clean energy future, the American Council on Renewable Energy (ACORE) has partnered with the National Urban League on the release of its 2023 State of Black America® report, “Democracy in Peril: Confronting the Threat Within.”

As the U.S. renewable energy economy expands, intentional commitments for equitable economic and workforce development will be critical to achieving the nation’s just transition objectives and building a diverse domestic manufacturing supply chain.

“The Biden Administration’s new budget request reflects its focus on clean energy technologies, committing $9.2 billion to clean energy projects that will create good-paying jobs, reduce energy costs for American families and help protect Americans from the worst impacts of climate change…”

“The CLEAN Future Act reflects the kind of comprehensive legislative approach we will need to start tackling the climate crisis. The inclusion of a federal high-penetration clean energy standard represents one of the most direct and reliable ways to ensure critical emissions reductions in the power sector…”

Due to the hard-hitting impacts of the COVID-19 pandemic, the clean energy industry finished 2020 with its fewest number of workers since 2015.

Congress has reached a bipartisan deal that contains important emergency relief measures for the renewable energy industry, including a two-year extension of the investment tax credit (important for solar power), a one-year extension of the production tax credit (important for wind power), and a new 30% investment tax credit for offshore wind projects that start construction through 2025.

Throughout his campaign, President-elect Joe Biden made it clear that building back better with clean energy would mean millions and millions of new jobs for Americans. And he’s right: Clean energy jobs are, in fact, better jobs. The proof is in the numbers.