From Day One, President Biden and Vice President Harris worked to build back a stronger American economy by tackling the climate crisis and investing in industries of the future, including clean energy. At the center of this agenda was the Inflation Reduction Act (IRA), signed by President Biden in August 2022, which made the largest investment in climate and clean energy in not only the history of the United States—but the history of the world. 

The IRA invests in grants, loans, and rebates to reduce greenhouse gas emissions in every sector—power, buildings, transportation, industry, agriculture and forestry. These programs range from the Environmental Protection Agency’s Greenhouse Gas Reduction Fund to finance tens of thousands of community-led clean energy projects to the Department of Energy’s Industrial Demonstrations Program to equip industrial factories to lead the net-zero economy. As of December 2024, after four years in office, federal agencies had awarded more than $100 billion in grants from the IRA—nearly 90 percent of funds available from the law at that time.  

In addition, the Inflation Reduction Act’s game-changing tax incentives took a government-enabled, private-sector led approach to catalyze the clean energy transition. For the first time, companies could count on ten-plus years of these tax credits, enabling them to make bigger, bolder, long-term investments. All told, as of December 2024, private companies had announced more than $450 billion in new clean energy investments in almost every state in America since President Biden took office. 

Cleanenergy.gov shares how the Inflation Reduction Act and the Biden-Harris climate agenda is creating good-paying jobs, driving clean energy investment, lowering costs, advancing environmental justice and slashing carbon pollution. 

You can learn more about the 2022 Inflation Reduction Act by reading the law’s guidebook. 

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