One Year of the Inflation Reduction Act: Here’s What Changed

By: James Flippin · August 16, 2023 · Reading Time: 2 minutes

What Is the IRA?

This Inflation Reduction Act (IRA), signed into law last year, earmarked $369 billion for climate and energy investments over the next 10 years, while also promising to create millions of well-paying clean energy jobs.

It was intended to provide a significant economic boost to the US, while simultaneously reducing carbon emissions by 40% by 2030. Here’s a look at whether it has delivered.

Progress So Far

Since the IRA was passed, the private sector has announced at least 210 major new clean-energy and clean-vehicle projects. These include 97 new electric vehicle projects, 44 solar panel factories and projects, 18 wind turbine factories or projects, and 35 battery and storage projects.

This data was collected by the climate group Environmental Entrepreneurs, or E2. Since E2 only monitors publicly-announced projects, these estimates may be conservative.

Job Creation

The IRA promised to directly create more jobs for more Americans. According to E2, these 210 publicly-announced projects represent at least 74,181 new jobs. Meanwhile, other climate groups have estimated the IRA has created more than 170,000 clean energy jobs. These roles mainly include factory workers, construction workers, electricians, mechanics, and support staff needed to keep these projects running.

Over the next decade, some researchers predict it could create more than 9 million jobs. So, while the IRA appears to be delivering on its promises so far, it may just be getting started.

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