Today’s historic signing into law of the Inflation Reduction Act by President Biden supports a new era in renewable energy for the United States. Last week, as part of the Inflation Reduction Act, the U.S. Congress approved unprecedented major investments to reduce the effects of climate change including commitments of U.S. $485 billion to encourage wind and solar energy generation, electric vehicle sales, and the development of battery technology.
The United States has advocated for making North America a clean energy powerhouse. This important legislation shows U.S. leadership in getting to real results in clean energy.
As set forth in the July 12 joint declaration by Presidents Biden and Lopez Obrador, the United States and Mexico declared:
“Facing the shared challenges of climate change, we resolve to promote a business environment that advances a greener, cleaner, North America, acknowledging the importance of investing in and promoting renewable sources of energy.”
As also declared by the presidents on July 12:
“The United States and Mexico, together with Canada, represent an economic powerhouse. The foundation of North American competitiveness is the United States-Mexico-Canada Agreement (USMCA) and we reaffirm our commitment to its full implementation…”.
The signing into law of the Inflation Reduction Act is a significant step in helping achieve this vision for North America as a global economic and clean energy leader.
The manufacture of electric vehicles in North America, representing thousands of well-paying jobs in the United States and Mexico, and reinforced by our commitments to the USMCA, is among the areas of greatest potential growth. As I’ve said before, our countries are uniquely positioned to be a clean energy powerhouse on the global stage and the Inflation Reduction Act’s energy components can be a catalyst to move us toward that shared future.”