“That’s just the tip of the iceberg,” said Paul Bledsoe, a climate policy expert and strategic adviser for the Progressive Policy Institute.īledsoe estimates the combined government climate and clean energy spending from the Inflation Reduction Act - along with recently passed laws to fund technology manufacturing and infrastructure - will be about $514 billion. When she led the EPA during the Obama administration, she added, the agency’s entire annual budget was a little over $8 billion.Īnd the $370 billion figure included in the legislation Democrats have dubbed the Inflation Reduction Act is just part of the money being invested to boost renewable energy and combat climate change. “It was a hard journey for me,” she said. Gina McCarthy, just before she stepped down as Biden’s climate adviser, joked last month that she had “grown into” being able to talk about climate funding in billions, rather than millions. … I mean, the CEO of the energy storage company, the line worker at in Missouri, the environmental justice advocate in Houston and in Washington, D.C.”įor comparison, the behemoth stimulus package enacted in 2009 spent about $90 billion on renewable energy and energy efficiency programs, an amount the Obama administration heralded at the time as “the largest single investment in clean energy in history.” “This is going to be a thing we are all going to be figuring out together.
“The country hasn’t embarked on this level of industrial transformation since the New Deal,” Ricketts said. And nearly two months after President Joe Biden signed the climate bill into law, policy wonks, businesses, lawmakers, environmentalists, administration officials and others are still trying to make sense of how it’s all going to work. The new climate law is already changing everything from how consumers buy cars and how green groups are organizing to which policy experts are suddenly in high demand on Capitol Hill and K Street.
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