The $369 billion climate and tax bill from Sen. Joe Manchin III and Senate Majority Leader Chuck Schumer caught everyone by surprise. Democrats had abandoned their climate legislation last month after Manchin, a must-have vote for Democrats, signaled his opposition to it.

But late last week Manchin and Schumer announced they had revived the deal under a new name – The Inflation Reduction Act of 2022. If passed, it would be the most ambitious climate action in U.S. history.

And now with support from another key swing vote, Sen. Kyrsten Sinema, the bill is an important step closer to passage.

So what would the bill do?

In this episode, Shayle talks to Princeton professor Jesse Jenkins. Jesse leads the REPEAT Project, which analyzed the effects of the bill in a report released today. Overall, the bill would make clean energy cheaper and build up the capacity of climatetech industries in the U.S. and its allies across multiple sectors of the economy, including power, transportation, heavy industry and buildings. 

Shayle and Jesse walk through the key provisions in the proposed legislation and their predicted impacts, including:

  • Hundreds of new gigawatts of solar and wind capacity, plus new technology-neutral tax credits to support other technologies such as advanced nuclear
  • Building up a North American supply chain for electric vehicles (EVs)
  • Reducing the costs of EVs, sustainable aviation fuels, energy storage, hydrogen and more
  • Increased energy security for medium- and low-income households, such as installing heat pumps and insulation

Catalyst is supported by Antenna Group. For 25 years, Antenna has partnered with leading clean-economy innovators to build their brands and accelerate business growth. If you’re a startup, investor, enterprise, or innovation ecosystem that’s creating positive change, Antenna is ready to power your impact. Visit antennagroup.com to learn more.

Solar Power International and Energy Storage International are returning in-person this year as part of RE+. Come join everyone in Anaheim for the largest, B2B clean energy event in North America. Catalyst listeners can receive 15% off a full conference, non-member pass using promo code CANARY15. Register here.