Remarks by Aviva Aron-Dine, Performing the Duties of Assistant Secretary for Tax Policy, on Phase Four of Implementation of the Inflation Reduction Act’s Clean Energy Provisions

As Prepared for DeliveryThank you for joining us today.On August 16, 2022, President Biden signed the Inflation Reduction Act (IRA), with the goal of tackling the climate crisis while creating good-paying jobs, strengthening energy security, and lowering consumer costs.Just a little more than two years later, we are seeing remarkable results. Since the IRA was enacted,private businesses and consumers have invested nearly $500 billion in building America’s clean energy economy, a 71 percent increase from the prior two years.Treasury analysis shows that these investments are particularly concentrated in communities that are lower income and have fewer college graduates.Because the bulk of the IRA’s climate and clean energy provisions take the form of tax incentives, the Department of the Treasury has been at the forefront of implementation, in close collaboration and partnership with experts across the federal government.