What is the Inflation Reduction Act?
The US Senate has passed a historic package of climate measures in its move towards a more sustainable future. Alongside legislation to lower the cost of prescription drugs and revamp taxes, the Inflation Reduction Act contains key initiatives that will invest nearly $400bn over the next decade to support a range of green measures. They include:
- New legislation to reduce emissions by 40% from 2005 levels, creating up to 1.5 million jobs by 2030.
- $30bn for solar panels, wind turbines, batteries and geothermal plants over 10 years, replacing short-term wind and solar credits.
- $27bn for the creation of the first-ever national “green bank” to support clean energy projects, particularly in disadvantaged communities.
- $20bn to cut emissions from agriculture.
- Increased carbon capture and storage tax credits.
- $10bn in investment tax credits for electric vehicle and renewables technology manufacturing facilities.
The bill is the largest-ever commitment made by the US Government to address the climate crisis.
How the Inflation Reduction Act will supercharge renewables growth in the US
As well as accelerating the rollout of zero- and low-carbon energy, it aims to stimulate demand in green technologies like electric vehicles, and ramp up domestic supply chain and infrastructure so that technologies like offshore wind can flourish.
The US renewable energy market has already seen exponential growth in recent years, but the initiatives in the bill are set to supercharge deployment – particularly in offshore wind and solar power.
What our renewables leaders are saying about the Inflation Reduction Act
Our CEO Tom Hopkinson described the Act as “a historic pivot towards clean energy for future generations.”
“We’ve been growing our presence in the US and our clients are already discussing unlocking plans for investment, so that we can connect more experienced specialists to pioneering offshore wind, solar and energy storage projects,” says Tom. “We can now look forward to strengthening our relationships and supporting our partners as we accelerate the energy transition and bring sustainable careers to workers across the US.”
Here’s what other renewables leaders are saying about the historic bill.
The #InflationReductionAct is by far America’s biggest investment in addressing the climate crisis. But will also yield tons of other benefits for peoples’ health, energy bills, employment, inflation, the economy, etc. My @CC_Yale & thread follow [1/9] https://t.co/xtYJs63bXE
— Dana Nuccitelli (@dana1981) August 8, 2022
The Inflation Reduction Act that just passed the Senate is a major accomplishment. Not only will it reduce inflation and lower the cost of prescription drugs – it also happens to be the most consequential piece of climate legislation in American history. https://t.co/w3s3E8rGoZ
— Barack Obama (@BarackObama) August 8, 2022
How Taylor Hopkinson can help
That creates enormous opportunities to put more workers in sustainable careers – but brings a host of challenges, too.
With experienced talent already at a premium, working with the world’s leading renewables specialists to source proven talent could be the best way to secure the people needed to drive the volume of pioneering projects that will be unlocked under the bill.
Our partnership with Brunel has married our unrivalled sector knowledge to the extensive US footprint and deep pool of experienced employees and contract personnel built up by our Brunel colleagues. In addition, we’re relocating some of our most experienced renewables experts to the US to spearhead the expansion of our permanent and contract teams, bringing the world-leading services and products associated with Taylor Hopkinson to the industry. They include:
Jeff Anderson, Director, Business Development
Leading the expansion of our permanent Offshore Renewables team in Boston, MA, Jeff is working with the country’s leading companies to deliver the development teams and planning and consenting specialists that will grow the offshore wind sector on the East Coast.
Emma Davies, Recruitment Team Lead, Offshore Wind Contract
Emma recently joined our Offshore Wind Contract team in Houston, TX, and brings over 18 years of experience within the traditional energy sector. With an impressive track record of placing technical specialist roles across a range of projects, Emma’s focus is on all contract offshore wind project roles, from early development stage through to construction and completion, with a particular interest on the transferable skills market.
Lewis Wright, Managing Consultant, Onshore Renewables
Based in Houston, TX, Lewis specialises in the US solar, energy storage and onshore wind markets, placing experts into a range of positions throughout the entire project life cycle, from development to construction and operation, across finance, legal and sales.
Kick-starting climate action in the US
The leadership that the United States is now showing is inspiring. Despite a long period of inertia on the climate crisis, the US remains an influential player and this decisive bill sets a blueprint for other nations to follow. Alongside our Brunel colleagues, at Taylor Hopkinson we’re working proactively to support this renewed ambition by delivering the experienced specialists needed to execute the plans in the Inflation Reduction Act. We’re the world leaders in the sector, and we’re investing in the people and systems to continue to be the first choice for our clients, candidates and contractors.
To work with us and seize the potential of the US energy transition, get in touch with our team today.