The Inflation Reduction Act is a game-changer for latinos

There is an enormous moment of opportunity for all of us in America. The Clean Energy Plan led by President Biden is helping to rebuild our economy from the middle out and the bottom up. Latinos have always been innovators. We’ve always seized every opportunity and worked toward a better future. It’s why President Biden’s Inflation Reduction Act, signed into law one year ago, outlines a unique path for our prosperity—a path not dictated by big corporations or special interests but for working families.

This law opens a door to Latinos to opportunity for economic stability, and that’s all our families are looking for. When President Biden signed the Inflation Reduction Act (IRA) one year ago, it included a clean energy plan with a historic level of new investment in manufacturing. The president and Democrats in Congress insisted that the plan had to be fair. Through the Justice40 initiative, we set a goal for 40 percent of the overall benefits should flow to disadvantaged communities that are marginalized, underserved, and overburdened by pollution. So as billions of dollars get invested in new construction and manufacturing, we get a fair chance at the jobs being created.

The Inflation Reduction Act is the largest investment in climate action in history, with powerful incentives to spur clean energy manufacturing across America. One year in, this strategy is working. In just a year, companies have announced over $200 billion in new investments, and clean energy projects have created more than 170,600 clean energy jobs in small towns and big cities all across the country. The majority of these jobs are located in communities of color. In Latino communities alone, the IRA created 43 new clean energy projects, spurring $28.5 billion in investment and more than 35,000 new clean energy jobs as of May of this year. That is because much of the growth is happening in states with high Latino populations — Arizona, Nevada, California, and Texas.

What excites me is that there’s so much more coming. If anyone thinks we have to choose between addressing climate change and boosting our economy, they are wrong. Clean energy is one of the fastest-growing industries in the nation, and it’s creating good-paying jobs that put workers on the path to economic stability.

These aren’t just good jobs — many of them are union jobs. The Department of Energy reported that energy companies with unionized workforces have a much easier time hiring, and union representation in the energy sector is growing. Between the fast growth and union membership, landing a clean energy job can increase workers’ income by eight to 19 percent.

And it’s not just about jobs—the Inflation Reduction Act will also lower costs for Latino families. Clean electricity is more affordable electricity, and utilities across the country have already anticipated lowering their rates for customers. And through the Inflation Reduction Act, families can already get 30% off rooftop solar, heat pumps, and more to make their homes more comfortable and save money on their monthly bills. When forty percent of the households struggling to pay energy bills in the United States are Latino, those lower energy bills mean more food on the table or more after-school activities that keep kids on the right track.

Those energy savings are enormous for our communities.

This is the clean energy boom unleashed by President Biden: good-paying jobs in a fast-growing industry and lower bills for working families — all while addressing the climate crisis affecting our lives.

We don’t have to sacrifice our economy to tackle the climate crisis. In fact, we can build our economy by doing just that. In just one year, we’re already seeing a cleaner, better, fairer America take shape, and our communities are getting a fair chance to be a part of it. We deserve that, and we can’t let it be taken away.

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