Eric Van Nostrand, Acting Assistant Secretary for Economic Policy
Laura Feiveson, Deputy Assistant Secretary for Microeconomics
U.S. Department of the Treasury
The Inflation Reduction Act (IRA)—signed by President Biden one year ago—is the largest climate investment in U.S. history, designed to mobilize private capital to achieve our climate goals and strengthen long-term growth. The IRA encourages innovation by giving firms various demand- and supply-side incentives to invest in developing and deploying clean energy technologies. Furthermore, for several key investments, the IRA provides additional place-based bonuses for companies to locate in underserved communities where job creation will have the largest impact on the well-being of those communities, and where such investments can produce higher economic returns.[1] The IRA is a prime example of what Secretary Yellen calls…
