The Greenlining Institute’s Statement on the Inflation Reduction Act
[ Article originally appeared in https://greenlining.org ]
Low-income communities and communities of color will undoubtedly benefit from the Inflation Reduction Act. This legislation paves the way for critically needed federal investments to combat inflation and worsening climate disasters.
The bill promises to invest more funding into clean energy than we’ve ever seen, moving us closer to our goal of reducing carbon emissions by 40% by 2030, and will introduce tax incentives aimed at broadening access to clean energy technologies and reducing energy costs for millions of families. These are critical steps in the right direction.
However, this bill is far from perfect. Our extractive economy is built on expensive and dangerous fossil-fuel consumption, hurting low-income communities of color first and worst. The political horse-trading and giveaways to oil companies in the bill will fall squarely on the backs of our communities. And what we’re left with–a watered down version of what this bill should have been–dismisses the realities many Americans face.
The Inflation Reduction Act is just one piece of the political puzzle, not a standalone solution. It is the floor, not the ceiling, of what is needed to truly improve the lives of all Americans. States must also demonstrate their commitment to addressing climate change by providing climate investments that directly and meaningfully benefit low-income communities of color.
Greenlining looks forward to working with state leaders to leverage the funding California is set to receive through this bill, and we are committed to ensuring low-income communities and communities of color that have been hit hardest by inflation and climate change can fully reap the benefits.
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