WASHINGTON, D.C. — U.S. Secretary of Energy Jennifer M. Granholm issued the following statement today following the Senate’s passage of the Inflation Reduction Act of 2022:

“President Biden entered office with a pledge to build a new economy powered by clean energy—one that lowers costs for American families, creates good-paying jobs for American workers, and increases our energy independence. Thanks to the Senate’s passage of the Inflation Reduction Act of 2022, the Biden-Harris administration is on the cusp of delivering on that pledge. The IRA’s monumental investments in clean energy and decarbonization technologies will position the United States to lead a global market on track to reach a minimum $23 trillion by the end of this decade, while revitalizing domestic manufacturing and employing millions more American workers. These clean energy tax credits will make cost-saving products like EVs, rooftop solar, and heat pumps far more affordable, so the average household can immediately enjoy the benefits of the cheap, clean energy revolution. And they will give us a bulwark against both the volatility of fossil fuel markets and the existential threat of climate change. In short, this will be the most consequential energy legislation in decades, and the most significant federal climate action ever. I look forward to watching President Biden make history and begin a new American century with the stroke of his pen.”