For Immediate Release
August 5, 2022
Contact: Alec Gerlach, GerlachA@c2es.org
Leading Companies Back $369B Climate Investments
Business Leaders Voice Support for IRA Climate Provisions
WASHINGTON—Leading U.S. companies are stepping forward to voice their support for the enactment of $369 billion in climate and clean energy investments included in the Inflation Reduction Act of 2022 announced last week by Senate Majority Leader Chuck Schumer (D-N.Y.) and Senator Joe Manchin (D-W.Va.).
Leading businesses are making investments in the low-carbon economy because they understand that these investments will create jobs, drive economic growth, and enhance our nation’s competitiveness. CEOs and corporate leaders from prominent U.S. business are calling on Congress to do its part and make critical investments to help the United States win the clean energy future.
Carrier Global Corporation
“The Inflation Reduction Act has critically important provisions that will increase the adoption of sustainable HVAC technologies, which are vital to helping reduce greenhouse gas emissions. Whether it’s the sustainable solutions currently available today or those that we’re investing $2 billion in for the future, government support to incentivize the shift to these climate friendly technologies is critical. We at Carrier support the Inflation Reduction Act’s important provisions addressing climate change with the urgency that it warrants.” — David Gitlin, Chairman & CEO, Carrier Global Corporation
“Cummins supports the historic investments to address climate change included in the Inflation Reduction Act. These policies will help Cummins to move forward faster on Destination Zero, our plan to achieve a zero emissions future by 2050. We are especially pleased to see tax credits for clean hydrogen production, clean trucks and alternative fuel production and fueling infrastructure, and clean energy storage and manufacturing. We urge Members of Congress to vote for this historic legislation that’s good for the economy and the environment.”– Jennifer Rumsey, President and CEO, Cummins Inc.
“This legislation combats inflation as it advances national environmental, public health and job-creating opportunities, including providing support for the ongoing operation of carbon-free nuclear energy resources, enabling the expansion of renewables, establishing a clean hydrogen economy, cultivating new technologies that allow fossil fuel power plants to eliminate air pollution and safeguarding the nation’s energy security in a way that is affordable. This all-of-the-above approach to the climate crisis will accelerate investments in clean energy technology and bring jobs and opportunity to underserved communities.”— Joe Dominguez, President and CEO, Constellation.
DSM North America
“The Inflation Reduction Act will grow jobs and boost our competitiveness by driving clean energy innovation, fostering adaptation and enhancing the resilience of our infrastructure, all while reducing emissions. Importantly, this legislation recognizes the necessity of innovation in reducing emissions from agriculture. It would provide catalytic investment in solutions to slash methane emissions, such as feed additives for ruminants, while boosting staple conservation programs to improve climate outcomes across the sector.” — Hugh Welsh, President & General Counsel, DSM North America
“LanzaTech applauds Senate Majority Leader Schumer and Chairman Manchin for proposing historic energy and climate policies that will allow companies like ours to develop and deploy the sustainable technologies of the future in the United States and deploy them globally. We urge the Senate and House to swiftly approve this legislation to bend the carbon curve by setting in motion essential long-term signals to the market, the American workforce and global investors in U.S. innovation.” — Dr. Jennifer Holmgren, CEO, LanzaTech Inc.
“I am very encouraged that the revived climate compromise in the Inflation Reduction Act includes production tax credits for existing nuclear and new offshore wind resources. While there are important technical corrections needed to make the nuclear PTC work as originally intended, it’s clear that our country can invest in energy security and climate change solutions in a way that will help stabilize rising electricity prices and ensure the economic viability of carbon-free generation that sustains thousands of well-paying jobs and our vast nuclear supply chain.” — Ralph Izzo; Chairman, President, and CEO; Public Service Enterprise Group Inc
Schneider Electric North America
“The Inflation Reduction Act of 2022 represents a transformational investment in the American economy that will jumpstart the deployment and adoption of cleaner, more resilient energy technologies and rapidly expand domestic manufacturing to create good-paying jobs for American workers. Most importantly, this bill will lower energy costs for American families and businesses at a time when they need that relief more than ever and make the U.S. more competitive in the growing global clean energy economy. This is the key to unlocking a more secure and sustainable future for our country, and we urge Congress to pass it quickly.” — Annette Clayton, CEO, Schneider Electric North America
“Shell is encouraged by recent actions of Senate lawmakers to pass legislation to help diversify lower-carbon energy supply and secure domestic energy production. Transforming the energy system relies on collaboration that includes sound and effective policy, and we will continue working closely with policymakers to help accelerate the energy transition.” — Gretchen Watkins, President of Shell USA Inc.
“Climate infrastructure and technology investments are critical to US economic competitiveness and long-term growth. United is leading by investing in cutting-edge sustainable technology, clean fuels and next-generation aircraft. The climate package will spur broader investments and curb emissions, while ensuring that the US remains at the forefront of clean energy innovation.” — Scott Kirby, CEO, United Airlines
“We recognize the opportunity presented by the Inflation Reduction Act’s climate and energy provisions and their long-term potential to help us meet our customer commitments by encouraging capital investment in important clean energy and community resilience projects.” – Drew Marsh, Executive Vice President and Chief Financial Officer, Entergy
“As one of the largest purchasers of green power in the US over the past decade, Intel applauds the important climate provisions in the Inflation Reduction Act of 2022 that will lead to the expansion of renewable energy and new investments in energy efficiency. Such infrastructure will be critical as we grow our US operations powered by 100% renewable electricity and create products that enable energy efficiency solutions.” – Todd Brady, Chief Sustainability Officer, Intel
“Climate change and geopolitics force us to move decisively toward a more secure, resilient and sustainable energy future. By bolstering current supplies while accelerating the sustainable energy transition, the energy provisions of the Inflation Reduction Act will strengthen energy security and meaningfully reduce emissions, representing an important step towards a better future.” — Katie McGinty, Vice President and Chief Sustainability Officer, Johnson Controls
“Microsoft is committed to strong climate action. The Inflation Reduction Act makes historic climate and clean energy-related investments. These initiatives mark vital progress toward a cleaner, more resilient, and secure climate future that will support American businesses. We’re tracking the ongoing legislative process and we encourage Congress to take action on these investments.” – Lucas Joppa, Chief Environmental Officer, Microsoft
“The Inflation Reduction Act of 2022 includes clean energy provisions and tools that will help all of us fight climate change and meet this critical moment. Specifically, the inclusion of a hydrogen production tax credit will dramatically bring down the cost of green hydrogen and stimulate the growth of a new clean energy industry for the United States.” — Ben Wilson, Chief External Affairs and Strategy Officer, National Grid
“From heat waves to flooding, we are repeatedly reminded of the devastating impacts of a changing climate; federal climate action will prove essential for our communities now and in the future. The energy and climate provisions of the Inflation Reduction Act (IRA) represent an important down payment on economy-wide decarbonization that can spur further public and private climate action.” – Kathleen McLaughlin, Chief Sustainability Officer, Walmart
*Added Aug. 8, 2022
The Center for Climate and Energy Solutions (C2ES) is supporting business voices from all sectors of the economy calling for the bold investments in the long-term economic opportunities of the clean energy future.
“The Inflation Reduction Act is a win for climate, but business leaders also understand it’s a win for investment, jobs, and U.S. competitiveness,” said C2ES President Nat Keohane. “These investments will boost America’s energy security, lower costs for consumers, and put us on a path toward meeting our 2030 climate commitment. The Senate must pass these crucial investments in our nation’s future.”
See C2ES resources on the Inflation Reduction Act and reconciliation climate provisions: