Mid-Ohio Valley Climate Corner: The Economics of Common Sense
TL/DR –
The article reflects on the potential policy changes that could be brought about by the second Trump administration and its impact on clean energy and climate, in the wake of the 2024 elections in the US. It highlights the progress made in clean energy investment, under the Biden administration, especially the 2022 Inflation Reduction Act (IRA), which allocated billions of dollars towards clean energy and climate issues. However, it notes that with the Republican majority in power again, there might be a risk of backtracking on these commitments, potentially leading to cuts in IRA funding, despite some Republicans supporting the act due to its popularity and positive impact, especially in Republican districts.
Mid-Ohio Valley Climate Corner – Photo Illustration – MetroCreativeConnection
Following 2024 elections, with a second Trump administration poised to take the helm, it is an ideal period for pondering the outgoing Biden administration’s significant policy impacts on clean energy and climate.
The 2022 Inflation Reduction Act, which contributed hundreds of billions of dollars towards clean energy and climate issues, has set a new precedence. This period witnessed substantial investments in clean energy and climate priorities from both the federal government and private businesses. However, the imminent Republican trifecta in Washington poses the risk of a potential reversal of these commitments and progress.
The anticipated “scalpel-like” approach to spending in the next federal budget by Congress’ deficit hawks raises questions about what will be cut and who will be affected. Speaker Mike Johnson, R-La., has identified IRA funding as a prime target for cuts, though details remain vague. Nonetheless, the IRA still enjoys substantial support among Republican House members.
Despite the Republican Party’s talking points about the federal government squandering taxpayer money on “woke” climate issues, 18 Republicans — a significant enough group to affect the current five-seat majority — have expressed support for the Biden administration’s policy.
Since its enactment, the IRA has primarily benefited Republican districts, channeling nearly 4x funding into areas ranging from EV battery manufacturing in North Carolina to energy storage technologies in West Virginia. This support has sparked an economic revival in blue collar, labor-intensive regions, offering them new economic opportunities.
As per a recent report, over 3.3 million Americans were employed in the clean energy sector in 2023, an upward trend from 2020. This climb in job numbers, beyond signifying federal recognition of clean energy and climate’s worth, indicates corporate and private-sector entities’ commitment to a cleaner world. From large corporations to small startups, support and ambition for investments in climate issues continue to grow.
The future of these substantial programs and investments remains uncertain. Still, there is undeniable evidence of the economic revival in rural America triggered by federal funding. The fight over funding in Washington will soon begin, and when the IRA faces possible cuts, it is essential to remember what is really at stake.
This is about much more than just money. It’s about our future.
About the Author
Griffin Bradley, a lifelong Wood County resident and graduate of West Virginia University (B.A., Political Science ’21; M.A., Political Science ’23), is a contributing author for Mid-Ohio Valley Climate Action.
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