Major Businesses Take to Capitol Hill in Support of Federal Clean Energy Incentives

December 4, 2024 /3BL/ - More than two dozen major companies are heading to Capitol Hill this week for a series of meetings with Republican members of Congress to make the business and economic case for maintaining the federal clean energy tax credits and other incentives that were included in the Inflation Reduction Act of 2022.

The meetings this week mark the first since the 2024 Presidential election, the outcome of which will have major implications on tax policy in 2025. As Congress prepares to comb through the tax code, business leaders attending the meetings this week are making the clear case to maintain the clean energy tax credits that are delivering investment, manufacturing jobs, energy projects, and reduced costs to members’ states and Congressional districts.

Businesses participating in the meetings include AES Corporation, Amalgamated Bank, Avangrid, DHL Group, HASI, Heirloom, Hitachi Energy, IKEA USA, the National Ski Areas Association, ReVision Energy, and Samsung Electronics America, among others. 

"Clean energy tax credits are helping IKEA US and our partners create jobs and reduce carbon pollution, with major benefits to our co-workers and customers," said Doug Murray, public affairs leader, IKEA US. "With 61 retail locations and 16,000 co-workers across the country, IKEA believes these clean energy tax credits deliver for the economy, businesses, and workers, and we are excited to meet with members of Congress to help tell this story.”

"With the U.S. experiencing a surge in electricity usage, which is only expected to grow, Hitachi Energy is proud to continue its investments to help meet the need for innovative technologies to modernize our electric grid, transmit and deliver reliable, clean power, and promote energy security," said Abigail Singer, VP, Government and Institutional Relations, US, Hitachi Energy. "Public policy such as federal clean energy incentives provide crucial support for U.S. investments in both technology development and production capacity and can play a key role in meeting the nation's energy needs and driving economic development going forward."

"Sector-wide energy tax credits are an engine for U.S. economic growth and a critical enabler for keeping power prices low. These diverse energy tax code provisions have underpinned historic levels of private sector investment in domestically produced clean energy projects across every corner of America, bolstering our energy independence and fueling our nation’s prosperity," said Gil Jenkins, vice president of corporate affairs, HASI. “With the U.S. experiencing an unprecedented surge in electricity demand — driven largely by the increased onshoring of manufacturing and massive AI-driven data center expansion — it’s crucial now more than ever that we, as business leaders, raise our collective voice to Congress and underscore the importance of the energy tax credit structures in the code today in sustaining elevated deployment levels of clean, reliable, and affordable power generation that our economy needs.”

“As America's leader in direct air capture, Heirloom is creating a new class of carbon management jobs that cleanly map onto the traditional energy workforce and infrastructure. Our investments are supported by performance-driven policies, like tax credits, that ensure this technology is developed in the United States to strengthen our energy security and global competitiveness," said Vikrum Aiyer, head of global public policy, Heirloom. "We look forward to working with lawmakers to highlight the remarkable progress we’re making — from the West Coast to the Gulf Coast — to bring a critical industry to scale."

"Sealed believes the IRA home energy rebates have the potential to support contractors, lower energy bills, and increase energy reliability for families across the country,” said David Kolata, vice president for policy, Sealed.

Businesses have been major supporters of the clean energy tax credits because of their economic benefits, including the creation of new manufacturing jobs, the strengthening of domestic supply chains to bolster U.S. competitiveness, and the delivery of affordable, reliable, American-made clean energy.

Since the Inflation Reduction Act was signed into law in 2022, the tax credits have positioned the U.S. as a global magnet for clean energy investment. They have already unleashed more than $350 billion in new private investment, creating more than 330,000 new jobs to manufacture and deploy clean technologies like batteries, vehicles, solar panels, and much more in the U.S. Most of the private clean energy investment since the Inflation Reduction Act became law has gone to Republican-held districts.

At Capitol Hill events organized by the responsible business organization Ceres, companies have met with policymakers on both sides of the political aisle to make the economic case for preserving the tax credits throughout 2024. Over the summer, 18 Republican members of Congress —14 of whom are expected to be seated in the upcoming Congressional term — signed a letter urging Congressional leaders to maintain the clean energy tax credits.

“Federal clean energy tax credits and incentives are benefiting all Americans by bringing back U.S. manufacturing, ensuring energy security, and reducing costs for businesses and families across the country,” said Zach Friedman, senior director of federal policy, Ceres. “As Congress seeks solutions to better position the U.S. economy, Ceres is excited to bring business leaders to Capitol Hill this week to help demonstrate why these policies – and the private-sector capital they have unleashed – are crucial to U.S. industry and the nation's ability to compete in a changing global marketplace.”

About Ceres

Ceres is a nonprofit advocacy organization working to accelerate the transition to a cleaner, more just, and sustainable world. United under a shared vision, our powerful networks of investors and companies are proving sustainability is the bottom line—changing markets and sectors from the inside out. For more information, visit ceres.org.

Media Contact: Helen Booth-Tobin, booth-tobin@ceres.org