PRESS RELEASE
Biden Signs Historic Inflation Reduction Act of 2022
Boston, MA, August 18, 2022: President Joe Biden on Tuesday signed the Inflation Reduction Act of 2022 (IRA 2022), a wide-ranging health care, tax, and climate bill, into law. The Act includes the single largest U.S. investment in history for energy security and climate change.
The funding—$369B over ten years—comes in the form of direct spending and tax advantages aimed not only at reducing emissions across sectors, but at transforming the domestic manufacturing of technologies critical to combatting climate change with an aim to reduce U.S. carbon emissions by 40 percent by 2030. This, in concert with the CHIPS and Science Act of 2022 (HR4346, Title I, Sec. 10105 Fusion Energy Research and Title III, Subtitle B Stem Education), encourages education and workforce training for the future commercial fusion industry.
ECG, Inc., as the only 501(c)3 non-profit focused solely on fusion energy and its commercialization, applauds the passage and signing of the Inflation Reduction Act (IRA 2022) by Congress and President Biden.
“All deserve to become part of the climate and now fusion educated world. This bill funds necessary steps toward a climate positive future. It authorizes needed funding for fusion’s generation, today’s renewable energy, applied science education, and workforce training/retraining. This means millions of jobs today working on our needed clean energy infrastructure. ECG is listening, educating, and engaging communities, schools, and leaders on the importance of fusion, renewables, storage, and how fusion speeds up climate energy generation and infrastructure reflecting all fusion benefits as they arrive”. – Jane Hotchkiss, President, Energy for the Common Good
For the first time, significant funding—which firmly includes fusion—is being directed toward current and future climate energy development and a climate-facing energy plan. ECG is an early, vocal, progressive, and effective voice for fusion’s acceptance, outreach, education, and advocacy at the local, state, and federal levels. The harnessing of fusion energy will be a sea change in global energy security, safety, and longevity.
Working in partnership with the U.S. Congressional Fusion Caucus, congresspeople, funders, visionaries, other environmental non-profits, educators, private fusion companies and university incubator labs, ECG looks forward to expanding fusion partnerships, addressing regulatory hurdles, and educating the public on fusion’s safe, clean, zero-carbon, capabilities in mitigating the climate energy crisis.
“CEERT’s large network of companies and advocates applaud enactment of the Inflation Reduction Act, which accelerates and dramatically lowers the cost of renewable and clean energy solutions, with money for clean energy manufacturing. We are also excited to see funding of scientific research for new technologies like fusion. Fusion includes a suite of advanced fusion technologies that can help accelerate economy wide electrification and help decarbonize industrial end uses that are currently beyond the reach of existing technologies.” — V. John White, Executive Director, Center for Energy Efficiency and Renewable Technologies
ECG also celebrates the significant funding in the bill that will support environmental justice priorities and drive investments into disadvantaged communities. In addition to the home energy rebate programs and the clean energy tax credits, the Act calls for a clean energy technology accelerator to support deployment of technologies to reduce emissions, especially in disadvantaged communities, $3 billion for Environmental and Climate Justice Block Grants for projects in disadvantaged communities, $3 billion in grants to reduce air pollution at ports, and $1 billion for clean heavy-duty vehicles like school and transit buses.
About ECG
ECG has been on the front lines, working on behalf of fusion’s acceptance and adoption, since its inception. As a clean, safe, zero-carbon source of energy, fusion is poised to be the best possible solution to climate change. With the passage of the IRA of 2022, the public support has appeared that will cut carbon emissions, increase innovation, and provide for deployment of low carbon energy technologies while creating jobs, and supporting environmental justice and underserved communities. This package sets the stage for fusion.
Energy for the Common Good is an independent non-profit positioned to advance fusion to the U.S. clean energy portfolio by educating public opinion and decision makers about the benefits of fusion energy with a focus on environmental and public safety NGO’s. A critical part of the mission is to bring transparency and understanding of fusion’s lifecycle characteristics to a discussion on acceptance of this exciting energy technology.
Contact:
Jane Hotchkiss
Energy for the Common Good
info@energycommongood.org
(617) 410-4753 | ext. 103