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Update: Inflation Reduction Act

Energy Security & Climate Change Investments

 

flag flying in front of capital building
August 2022
In the largest investment in energy security and climate change to date in the U.S., the Inflation Reduction Act (having passed the Senate) is scheduled for final vote by the House on August 12th before moving to the President for signature.

Overall, the Act will provide more than $370 billion to energy security and climate programs, including:

01

More than $60 billion to onshore clean energy manufacturing in the U.S.

02

More than $60 billion in environmental justice priorities to drive investment in disadvantaged communities

03

$27 billion for a Greenhouse Gas Reduction Fund, or so-called “green bank,” to leverage public/private investments in projects to combat climate change

04

A path for the U.S. to achieve 40 percent emissions reduction by 2030.

The act is the largest congressional action on climate change, to date, and could likely spur additional funding streams, inclusive of public and private efforts.

The provisions are grouped into the following key areas:

  • Consumer energy costs
  • Energy security
  • Decarbonization
  • Disadvantaged communities and environmental justice
  • Rural climate resiliency

Key changes to the energy security and climate change provisions from the initial bill released July 27th include the addition of:

$4 billion

to drought mitigation

$3.1 billion

to distressed farm loans

$2.2 billion

to provide financial assistance to borrowers “determined to have experienced discrimination prior to January 1, 2021 in Department of Agriculture farm lending programs”

In Case You Missed It

KPMG Regulatory Insights prepared an analysis of the various energy security and climate change provisions. The analysis, grouped by key areas, types, and agency, is contained in our Regulatory Alert below.

Note: Modifications to the initial July 27th bill include key changes to the tax provisions. For more information on the tax provisions of the Inflation Reduction Act, see KPMG TaxNewsFlash, available here.

Dive into our thinking:

Inflation Reduction Act: Energy Security & Climate Change Investments

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KPMG Regulatory Insights comprise key industry practitioners and regulatory advisors from across the KPMG global network.

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Amy S. Matsuo
Principal and National Leader, Regulatory Insights, KPMG US

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