Climate and Energy Deal in Senate Is a “Mammoth Investment in Confronting the Climate Crisis” and Building U.S. Industry

July 28, 2022 /3BL Media/ - Ceres Vice President of Government Relations Anne Kelly issued the following statement after Senate Majority Leader Chuck Schumer and U.S. Sen. Joe Manchin agreed to a $369 billion climate and energy package as part of the Inflation Reduction Act of 2022.

“Sens. Schumer and Manchin have struck a landmark deal that will be critical to meeting the nation’s climate and environmental justice goals, fighting inflation, securing our domestic energy sources, and catalyzing the innovative industries, supply chains, and advanced manufacturing capabilities that our economy demands. This deal was months in the making, but if it is approved by Congress, it will represent the largest ever investment in building a competitive, affordable, clean energy economy.

“Building upon last year’s Infrastructure Investment and Jobs Act, this deal promises to unleash private sector ingenuity and deliver benefits for American families, consumers, and workers. Moreover, it will bring crucial support to the many leading companies and investors from all sectors of the economy, who know that securing affordable clean energy, reducing their climate-related risks, and achieving environmental justice are all business imperatives.

“This package will deliver the largest climate legislation in U.S. history by far, while responding to the unique geopolitical and economic challenges of this moment. Indeed, while more is needed to achieve the country’s goal of cutting emissions in half by 2030, it marks a mammoth investment in confronting the climate crisis while growing the industries we will need to win this fight.

“We are grateful to Sens. Schumer and Manchin for negotiating and reaching an historic agreement, and we now call on Congress to finalize, pass, and send this urgently needed legislation to President Biden’s desk as soon as possible.”

For more than a year, Ceres has mobilized hundreds of companies and investors to advocate for a bold federal climate package — not only to limit the severe economic risks of the climate crisis, but to capitalize on the many economic opportunities of addressing this challenge.

After President Biden last year established a goal to reduce climate pollution at least 50% by 2030, hundreds of companies and investors pressed Congress to pass major climate legislation, successfully advocating for the inclusion of significant clean transportation, clean energy, climate resilience, and environmental justice measures in the Infrastructure Investments and Jobs Act of 2021. Companies from across the U.S. economy then continued to call for federal lawmakers to include more ambitious climate action in a reconciliation deal. These actions have included:

• A letter signed last December by 437 companies, investors, trade groups, and employers calling on the U.S. Senate to pass a package of climate investments that were previously passed by the House of Representatives;
• Participation in a March Punchbowl News interview series highlighting the substantial corporate advocacy for robust climate policy;
• A letter from nearly 50 large companies, each generating more than $200 million in annual revenue, calling for the package to advance as Congress returned to session in April;
• Meetings between more than 100 companies and lawmakers of both parties in May, as part of LEAD on Climate 2022, pushing for Congressional climate action;
• A June letter from more than 1,000 companies of all sizes, representing every state in the country and industry in the economy, pressing the economic case for these investments;
• A letter from seven CEOs at some of the nation’s largest companies, injecting their personal calls for climate provisions in a reconciliation deal at a critical point in the Senate negotiations;
• A letter from the leaders of three organizations representing powerful investors, urging Congress to prioritize climate action in the budget reconciliation process.
• And dozens of public statements of support from individual companies and executives over the last 12 months.

Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.

Media Contact: Helen Booth-Tobin, booth-tobin@ceres.org, 617-247-0700 ext. 214