Statement from the American Sustainable Business Network on the anticipated passage of the Inflation Reduction Act in the House
Tomorrow, the U.S. House of Representatives has the opportunity to move forward the largest climate package in our nation’s history. The American Sustainable Business Network, its members and partner organizations urge House leadership to keep their promise to get America back on track and pass the Inflation Reduction Act (IRA).
In a previous statement issued after Vice President Kamala Harris cast the tie-breaking vote, ASBN applauded the Senate’s commitment to address America’s climate crisis. Now all eyes are on the House as concerned citizens, climate advocates, policymakers, businesses and other organizations pressure representatives to vote in favor of real solutions.
“We continue to support the Inflation Reduction Act and hope that the House moves swiftly in its passage,” said David Levine, president and co-founder of ASBN. “American businesses will continue to champion legislation that supports building a sustainable, equitable and inclusive economy.”
The IRA would invest $369 billion in energy security and climate change programs over the next ten years. This will reduce our nation’s carbon emissions by almost a billion tons from our 2005 emissions peak. It would also revolutionize our economy by creating meaningful jobs in manufacturing, technology development, energy access and sustainable growth. Additionally, the provisions would reduce budget deficits by over $300 billion in its first nine years and reduce the U.S. deficit by $1.9 trillion over two decades.
While this legislation is pared down from what was originally passed in the House, it still has a monumental impact on our climate and economy. ASBN and its members are encouraged by the recent Senate vote and have now turned our attention to the House as we use our collective voice to advocate for the passage of the IRA. Member organizations, Patagonia and Avocado Green Brands, and state affiliate, New Jersey Sustainable Business Council, call for immediate action to combat the growing climate crisis.
“Patagonia strongly urges swift passage of the Inflation Reduction Act to avoid the direct impacts of the climate crisis by supporting investments in environmental justice, climate and clean energy,” said Ryan Gellert, CEO of Patagonia. “Business, government and civil society must work together to slow the climate crisis.”
“At Avocado, we believe that good climate policy is good business policy,” said Mark Abrials, chief marketing officer and co-founder of Avocado Green Brands. “The time is now to establish climate change legislation that will help stabilize our supply chains and create a more resilient economy and healthier planet for all.”
“While New Jersey has become a leader in the transition to a more equitable clean energy economy, passing the Inflation Reduction Act is as critical as ever,” said Richard Lawton, executive director of the New Jersey Sustainable Business Council. “This type of federal leadership and investment is our only hope of mitigating the risk of climate change while capturing the tremendous upside potential inherent in a more sustainable and resilient national economy. American businesses have proven that, given the right policy incentives, market innovation can be both profitable and serve the common good.”
Over the last decade, we have seen a massive decrease in the cost of zero carbon technologies. The IRA will further incentivize the adoption into businesses and homes across the country. Member organizations, Planet FWD, Solar Landscape and Trillium Asset Management, understand that by supporting deployment, strengthening our national supply chain and investing in communities on the frontline of the climate crisis, we can meet our commitments to emission reduction while also investing in well paying American jobs.
“Our greatest asset in helping consumer companies reach net zero is supply chain emissions reduction,” said Julia Collins, CEO and founder of Planet FWD. “Supporting climate-friendly agriculture will be critical to making those reductions possible. The passage of this landmark bill provides American farmers and business owners with the resources to get the job done.”
“The anticipated passage of the Inflation Reduction Act will create a clean energy legacy that we can be proud of,” said Shaun Keegan, CEO of Solar Landscape. “At the same time, it will create good-paying jobs and spur on businesses in our already rapidly growing industry. By ensuring underserved communities can access clean energy – and creating new job markets through workforce development – America’s new clean energy economy can lift everyone up together.”
“We welcome the passage of the Inflation Reduction Act,” said Matthew Patsky, CEO and lead portfolio manager of Trillium Asset Management. “While this bill won’t halt climate change, emissions from the U.S. economy will be significantly lower with this bill than without it. We are excited about the support the bill will provide to developing industries, as well as the new focus on both environmental justice and just transitions. At the same time, there remains work to be done, specifically to protect frontline communities that will continue to be exposed to fossil fuel production and infrastructure.”
This piece of legislation does not deliver on the full commitments needed to reach national 2030 and 2050 emission reductions. These goals will be reached through collaboration with state governments, the private sector and critical pieces of national legislation. As we look to the future, member organizations, Geno and Pirelli Tire North America, see the IRA as a path toward securing a more sustainable economy for the next generation.
“Climate change is the urgent crisis of our generation, and Geno is committed to leading the transition to more sustainable materials in the years and decades to come,” said Christophe Schilling, CEO of Geno. “We are heartened to see the passage of the Inflation Reduction Act which helps companies like ours deploy U.S. based innovation to revolutionize manufacturing and help the U.S. reach a goal of reducing our carbon emissions by 40 percent by the end of this decade. Geno applauds our leaders in Congress whose tireless work made this landmark bill possible and we look forward to working with lawmakers to put our unique solutions to work.”
“The legislation makes some headway in supporting the move to electric vehicles, while more needs to be done,” said Maureen Kline, vice president of public affairs and sustainability at Pirelli Tire North America. “Pirelli Tire North America is very much in favor of the decarbonization transition the U.S. committed to along with the rest of the world’s governments.”
The IRA will position the U.S. to be a leader in addressing the climate crisis. This legislation will allow us to power millions of American homes and businesses with clean energy sources for generations to come.
The truth is, American citizens, businesses and the economy cannot afford to have the IRA die on the House floor. ASBN and its community of business leaders have faith in the House to hear the concerns of Americans and act to solve our nation’s urgent climate crisis.
Additional quotes from our members
“It’s hard to overstate the positive impact this legislation will have on our economy and our planet. As a major employer in the circular economy, Closed Loop Partners supports the Inflation Reduction Act (IRA), as it will create over half-a-million new jobs and make historic progress in fighting climate change” says Ron Gonen, CEO and Founder, Closed Loop Partners.
American Sustainable Business Network (ASBN) is a movement builder in partnership with the business and investor community. ASBN develops and advocates solutions for policymakers, business leaders, and investors that support an equitable, regenerative, and just economy that benefits all – people and planet. As a multi-issue, membership organization advocating on behalf of every business sector, size, and geography, ASBN and its association members collectively represent over 250,000 businesses across our networks. ASBN was founded through the merger of the American Sustainable Business Council and Social Venture Circle.