Full Title: Updated Inflation Reduction Act Modeling Using the Energy Policy Simulator
Author(s): Megan Mahajan, Olivia Ashmoore, Jeffrey Rissman, Robbie Orvis, Anand Gopal
Publisher(s): Energy Innovation
Publication Date: August 23, 2022
Full Text: Download Resource
Description (excerpt):
On August 16, 2022, President Biden signed the Inflation Reduction Act (IRA) into law. The IRA’s $369 billion in funding for emissions-reducing climate and clean energy provisions run the gamut from clean energy and electric vehicle (EV) tax credits to large-scale investments in domestic clean technology manufacturing to advancing environmental justice. The IRA also requires auctions for oil and gas on federal lands and waters prior to auctions for renewable energy projects and requires completion of several 2022 lease auctions that were previously canceled.
Energy Innovation Policy & Technology LLC® modeled the IRA’s impact on emissions reductions, job creation, and public health, using our free and open-source U.S. Energy Policy Simulator (EPS).
Our updated modeling finds that the IRA is the most significant federal climate and clean energy legislation in U.S. history, and its provisions could cut greenhouse gas (GHG) emissions 37 to 43 percent below 2005 levels. With additional executive and state actions, the U.S. can realistically achieve its nationally determined commitments (NDCs) under the Paris Agreement.