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The Inflation Reduction Act Spurs U.S. Leadership in Climate Innovation, Says ITIF

July 28, 2022

WASHINGTON—Following Senate Majority Leader Chuck Schumer (D-NY) and Sen. Joe Manchin’s (D-WV) announced agreement on the Inflation Reduction Act of 2022, the Information Technology and Innovation Foundation (ITIF), the leading think tank for science and technology policy, issued the following statement from David M. Hart, director of ITIF’s Center for Clean Energy Innovation:

The Inflation Reduction Act will accelerate adoption of innovative new climate technologies that have been introduced in the market but not yet been widely adopted, such as offshore wind power, hydrogen, and residential heat pumps. To address climate change, these types of clean energy systems need to match conventional systems in price and performance—and the good news is that there is a wide range of technologies that can if innovation policy pushes and pulls to help the private sector unlock them.

This bill will help large-scale technologies that have not yet entered the market to cross the “commercialization valley of death” by funding the Energy Department’s Loan Programs Office and Office of Clean Energy Demonstrations. These initiatives show that the United States is serious about leading the world in climate innovation and building a complete innovation ecosystem that can take new ideas from concept to broad adoption and do so faster than in the past.

ITIF welcomes the Inflation Reduction Act, having championed several of the climate innovations incorporated in the bill, including tax credits and increasing invesments for climate-focused U.S. manufacturing.

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The Information Technology and Innovation Foundation (ITIF) is an independent, nonprofit, nonpartisan research and educational institute focusing on the intersection of technological innovation and public policy. Recognized by its peers in the think tank community as the global center of excellence for science and technology policy, ITIF’s mission is to formulate and promote policy solutions that accelerate innovation and boost productivity to spur growth, opportunity, and progress.

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