While the Infrastructure Investment and Jobs Act (IIJA) is focused on fixing and upgrading our nation’s infrastructure networks, the $20 trillion1 U.S. economy also relies private sector contributions to our infrastructure resources. Acknowledging that this sector represents over 40 percent2 of the world’s greenhouse gas emissions, meeting the federal government’s economy, social equity, climate resilience and sustainability goals also requires supporting and enabling investment in commercial assets.
The Inflation Reduction Act (IRA), a.k.a. the Climate Act, was signed into law on August 16, 2022. Its purpose is to address inflation, while further supporting a reduction in carbon emissions by roughly 40 percent by 2030 through grants and tax credits in domestic energy production and manufacturing.