Title: Inflation Reduction Act Stimulates Faster Economic Growth, Boosts Opportunities for Women
Introduction:
The Inflation Reduction Act (IRA), along with other major infrastructure and climate-related legislation, is having a more significant and faster impact on the U.S. economy than anticipated, according to private sector economists. As billions of dollars from these acts begin to be dispersed across the country, the economic benefits are becoming evident. The IRA, in particular, is creating jobs, promoting clean energy, and addressing environmental justice. The impact of this legislation on women is especially noteworthy, as they are playing a pivotal role in the energy sector’s growth.
Job Creation and Economic Impact:
According to estimates by the BlueGreen Alliance, the IRA is expected to create over 6 million jobs in the next decade through grants, loans, tax credits, and new loan guarantee authority for the U.S. Department of Energy. This legislation also aims to sustain existing jobs in the clean economy, including clean energy, manufacturing, transportation, building efficiencies, and environmental justice. Additionally, investments in clean energy and climate have already generated over 170,000 jobs since the IRA was signed into law.
Women’s Representation in the Energy Sector:
Despite being underrepresented in the U.S. energy sector, women accounted for more than half of the new workers in 2022, as reported by the Energy Department. This increase in female employment is a positive step towards achieving gender diversity and inclusivity in the industry.
Projected Job Growth:
NGOs project that the IRA’s funding will create an additional 1.5 million jobs in the U.S. economy by 2030 compared to the business-as-usual scenario. These estimates demonstrate the potential for sustained job growth and economic stability in the coming years.
Investments in Resilience and Climate Protection:
The IRA has already awarded $1 billion to communities to enhance their resilience and protect them from climate change impacts. This funding aims to address issues such as drought, extreme weather, and heat. Additionally, the Biden Energy Department estimates that American families will save $27-38 billion on electricity bills from 2022-2030, thanks to the IRA’s provisions.
Clean Power Investments and Electric Vehicle Manufacturing:
Since the passage of the IRA, companies have announced $242 billion in new clean power capital investments. These investments have led to the development of at least 191 new clean energy projects across 41 states. The IRA has also contributed to the establishment of 66 new battery manufacturing sites and 40 electric vehicle manufacturing facilities.
Impact on Mothers and Women-Owned Businesses:
The IRA has had a positive impact on working mothers, with nearly one million more mothers employed in December 2022 compared to the previous year. Furthermore, the National Oceanic and Atmospheric Administration (NOAA) has awarded $562 million to help communities increase their resilience to climate change. It remains to be seen how many of these contracts will go to women-owned businesses.
Support and Perception:
The economic benefits of the IRA have resonated with the American people, with 65% of respondents supporting the legislation. Support is not limited to any specific political party, as 64% of Independents and 35% of Republicans also expressed their support. Once the public understands the provisions of the IRA, 68% of registered voters, including 75% of women, express their support.
Conclusion:
The Inflation Reduction Act is proving to be a catalyst for economic growth, job creation, and the advancement of clean energy initiatives. Women are playing a significant role in the sector’s growth, with over 50% of new workers in 2022 being women. The IRA’s impact extends beyond job creation, with investments in resilience, clean power, and electric vehicle manufacturing. These economic benefits have garnered widespread support among the American public, highlighting the potential for continued progress and prosperity.
Original Story at www.forbes.com – 2023-08-18 15:16:32
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