The Labor Energy Partnership, a joint project of the Energy Futures Initiative (EFI) and the AFL-CIO, has analyzed the Inflation Reduction Act and conclude that it would add nearly 1.5 million jobs and $250 billion to the economy by 2030, increase per capita personal income by several thousand dollars, reduce greenhouse gas emissions by nearly 40%, and decrease overall energy use through energy efficiency and innovation.
“The Inflation Reduction Act, as passed Sunday by the Senate, is a win-win-win for accelerating the clean energy transition, growing the U.S. economy and workforce, and enhancing the energy security of the U.S. and its allies,” said AFL-CIO President Liz Shuler.
At the same time, annual inflation is projected to return to the Federal Reserve target of about 2% within a couple of years.
“Enacting the Inflation Reduction Act would be the single most significant step to date for building a secure and resilient clean energy economy,” said Ernest J. Moniz, the former secretary of energy and CEO of EFI.
About the Labor Energy Partnership
The LEP is based on a shared commitment of the AFL-CIO and the Energy Futures Initiative to promote federal, regional and state energy policies that address the climate crisis, while recognizing the imperatives of economic, racial and gender justice through quality jobs and the preservation of workers’ rights.