Inflation Reduction Act supercharges U.S. manufacturing and electrification
One year after the IRA was signed into law, E2 estimates it has helped create at least 210 major new clean-energy and -vehicle projects in the U.S. and the Electrification Coalition says it represents “generational levels of investment” in transportation electrification and a seismic shift in the future of transportation.
In the year since the U.S. Inflation Reduction Act (IRA) was signed into law, companies announced 210 major new clean energy projects. If completed, the projects would create at least 74,181 new jobs and bring a minimum of $86.3 billion in new private investment to 38 states, according to a new report from E2 (Environmental Entrepreneurs), a national nonpartisan group of business leaders, investors, and professionals from every sector of the economy who advocate for smart policies that are good for the economy and good for the environment.
Based on publicly available information analyzed by E2 of new projects announced since August 16, 2022, Southeast states and Republican congressional districts are benefitting the most from the IRA. Nearly 80 major clean energy and clean vehicle projects are in development or have already broken ground in the Southeast, with 18 of the top 20 congressional districts for clean energy investments represented by Republicans, all of whom voted against the IRA.
Electric vehicle (EV) and battery factory announcements led with the most announcements, with companies announcing more than 130 EV and battery projects in the past year. Foreign companies announced nearly half of all projects, bringing international investments to t
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