Corporate Leaders Call on Congress To Promptly Pass the Inflation Reduction Act of 2022
Legislation would be the largest climate investment in American history, promises to reduce costs and strengthen U.S. energy security.
As the U.S. Senate prepares to debate the Inflation Reduction Act of 2022 (IRA), dozens of leading U.S. companies are urging lawmakers to promptly pass this landmark legislation, which includes the most ambitious climate, clean energy, and environmental justice investments in American history.
More than 40 large companies and associations—including bp America, Danone North America, DSM North America, Ford Motor Company, Holcim US, JLL, Johnson Controls, Levi Strauss & Co., Logitech, Lyft, Ørsted North America, PSEG, SAP, Shell USA, and Unilever United States, among others—released a letter today addressed to members of Congress whose votes will be critical in the coming days to advancing the legislation. These companies represent nearly $1 trillion in annual revenue and nearly 1.4 million global employees. In the letter, they called on Congress to “quickly pass the Inflation Reduction Act to deliver the investments and incentives Americans need today and to power the economy of tomorrow.”
“It is past time to invest in our country’s shift to a clean energy economy and to confront the threat of climate change. The investments in the Inflation Reduction Act of 2022 would reduce climate-related risks across the economy while combatting inflation, reducing costs for families, and improving energy security. While these investments must be paid for, the economic benefits outweigh the costs. This package promises to unleash American innovation and ingenuity—and to foster the creation of millions of jobs as a result,” the signatories wrote.
Organized by the sustainability nonprofit Ceres and the independent research organization Business Forward, the letter is the latest sign of the strong corporate support for the IRA’s climate provisions, which are projected to reduce emissions by 40% or more by 2030 while reducing energy costs, volatility, and risk. Since Senate Majority Leader Chuck Schumer and Sen. Joe Manchin announced the deal last week, many large companies and their executives—including Carrier, Cummins, Equinor, General Motors, Johnson Controls, Kaiser Permanente, Salesforce, Siemens, United Airlines, Walmart, and Workday—have also released individual statements or spoken in support of the IRA, as have trade associations such as the Clean Energy Buyers Alliance, the Retail Industry Leaders Association, and the Sustainable Food Policy Alliance.
“We are thankful to Sens. Schumer, Manchin, and Sinema for negotiating this important deal, and to all other lawmakers who have helped to shape it over many months. By fighting inflation, advancing American energy security, strengthening domestic supply chains, investing in advanced manufacturing capabilities, and cementing U.S. global competitiveness as a clean energy leader, the Inflation Reduction Act is critical to meeting the unique economic needs of this moment,” said Zach Friedman, director of federal policy, Ceres. “That’s why leading companies have been among the strongest advocates for this legislation for more than a year—and why they are today making this final urgent call for Congress to pass the most impactful climate legislation in American history.”
“The Inflation Reduction Act of 2022 will bring good jobs and investments to communities which have long been locked out of our energy economy, creating opportunities for small businesses in America’s power sector for years to come,” said Liz Fairchild, executive director, Business Forward. "Renewables will power nearly two-thirds of the world's economy by 2050. This package is the difference between catching up or falling further behind in the global energy race.”
Nearly 2,900 companies with more than $4.6 trillion in annual revenue and more than 400 million global employees have participated in corporate America’s year-long push for federal legislation to invest in clean energy, clean transportation, advanced manufacturing, domestic supply chains, climate resilience, environmental justice, and resilient agriculture. These efforts 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;
- February meetings with dozens of senior leaders from influential companies and key Congressional offices to urge swift passage of a federal reconciliation bill that includes historic climate, clean energy, and environmental justice investments;
- Participation by Siemens USA CEO Barbara Humpton in a March Punchbowl News event 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;
- An advocacy event where more than 100 companies met with 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 that recognized the need for raising revenue for climate provisions in a reconciliation deal;
- A business roundtable with President Biden on Aug. 4 focused on the IRA, that featured leaders from Ameren, Carrier, Cummins, General Motors, and Kaiser Permanente.
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, 617-247-0700 ext. 214, email@example.com