This piece is part of a series. Read more.

Video: Canary Media talks Inflation Reduction Act on The Weather Channel

Jeff St. John breaks down the billions of dollars in government incentives and private investments unleashed by the climate law, which was signed one year ago.
By Jeff St. John

  • Link copied to clipboard

It’s hard to boil down an explanation of the Inflation Reduction Act into a six-minute television segment. But when the hosts of The Weather Channel’s climate-focused weekday show Pattrn asked me to give it a try on the one-year anniversary of the landmark climate law’s passage, I couldn’t resist.

My August 16 conversation with meteorologists Stephanie Abrams and Jordan Steele managed to cover the highlights of the law’s impact on U.S. clean energy investment, including the roughly $80 billion invested to date in solar, wind, electric vehicle and battery manufacturing. We also discussed how the law promotes investment in lower-income communities and energy communities” transitioning away from the environmental and economic impacts of fossil fuels.

Stephanie and Jordan asked about rural communities, which stand to benefit from $10.7 billion in grants and loans being made available to electric cooperatives, as well as about nonprofit organizations, which can utilize the law’s direct-pay” provisions to capture the value of tax credits that were hitherto restricted to for-profit companies. And we touched on the tax credits for electric vehicles and EV charging aimed at smoothing the road to a fossil-free transportation sector.

A lot more needs to happen before the U.S. is on track to hit its goal of halving economywide carbon emissions by 2035, of course. And as I noted at the top of the conversation, most of the hundreds of billions of dollars in climate and energy investment to be spurred by the law are yet to come. Still, there’s a lot to celebrate at this first birthday party. 

Subscribe to receive Canary's latest news

Jeff St. John is director of news and special projects at Canary Media. He covers innovative grid technologies, rooftop solar and batteries, clean hydrogen, EV charging and more.