Inflation Reduction Act To Provide Over $5 Billion In Funding

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The recent bill, known as “The Inflation Reduction Act of 2022”, aims to tackle the record-breaking inflation and fight climate change, which also includes multiple policies that are designed to invest in US energy generation, reduce carbon footprints and ensure that the American economy and infrastructure remains affordable, clean, secure, and reliable. The bill also includes policies that are aimed at driving aggressive emissions reductions by 2030 within the building sector and driving low-carbon procurement.

The bill includes the following provisions for clean procurement:
1. $250 Million for Environmental Product Declarations Assistance (SEC. 60112).
2. $100 Million for Low-Embodied Carbon Labeling for Construction Materials (SEC. 60116).
3. $2.15 Billion for Use of Low-Carbon Buildings (SEC. 60503).
4. $2 Billion for Low-Carbon Transportation Grants (SEC. 60506).
5. $4 Billion for Improving Climate Resilience of Affordable Housing (SEC. 30002).
6. FEMA Building Materials Program (SEC. 70006).

“This agreement marks a milestone in driving decarbonisation and sustainable infrastructure development, which underscores the importance of providing funding for low-carbon procurement if we’re going to make real progress in reversing climate change,” said Stacy Smedley, Executive Director of Building Transparency. “The emission reductions that could be realised by this legislation in just one year is the equivalent of taking 51 million gasoline-powered cars off the road for the same time or consuming 26 billion gallons of gasoline. The U.S. has huge purchasing power when it comes to low-carbon procurement and this effort will also drive demand and urge manufacturers and suppliers to lower the carbon emissions of their products.”

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“The agreement reached by Senators Schumer and Manchin represents an historic opportunity to advance our national climate and economic goals,” said John Milko, Climate and Industry Consultant for the Climate and Energy Program at Third Way. “It makes vital investments to enhance embodied carbon transparency and create a more robust market for low-carbon materials, while at the same time bolstering the competitiveness of US manufacturers by providing them the tools they need to decarbonise.”


 

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