Statement from Conservation International CEO on passage of the Inflation Reduction Act in U.S. Congress

“This bill reminds us that a sustainable future need not be austere”

Arlington, VA (August 12, 2022) – Today, the United States House of Representatives followed the Senate in passing the Inflation Reduction Act, earmarking a landmark $370 billion toward clean energy, climate resilience and green incentives for consumers. 

Conservation International released the following statement from Dr. M. Sanjayan, Chief Executive Officer:

“For years, the United States has arrived at international climate negotiations with grand expectations for others but few commitments of their own. This has been a source of distress for the environmental community and a source of embarrassment for well-intentioned diplomats. No longer. The Inflation Reduction Act is a much-needed win for American credibility and leadership, promising a 40% emissions reduction from 2005 levels by 2030. Ambition begets ambition, and this $370 billion down-payment on our planet’s future will have ripple effects at COP27, where countries will be under immense pressure to make good on their Paris Agreement commitments. We can now participate in a race to the top.  

“Plenty of ink has been spilt over what this bill means for the economy, but here’s the bottom line: If we allow planetary warming to exceed 2°C, we will face the greatest inflationary crisis in human history. Recent years offer an early glimpse of this — climate change is already warping global commodity markets. Persistent heat in the Great Plains caused the price of corn to rise nearly 50%. Extended droughts in Brazil effectively doubled the price of coffee. U.S. homebuilding costs skyrocketed as migrating beetles and stubborn wildfires ravaged North American lumber supplies. These economic pressures are mild in comparison to what will occur if we allow heat waves to dry out once-fertile lands, rising tides to plunge port cities into the sea, and extreme weather to disrupt transit lines. 

“This bill reminds us that a sustainable future need not be austere; it can be abundant and aspirational. Green transition is an opportunity to break the shackles of convention and finally build the world we hope to see. Bold federal investments give the private sector license to transform construction, production, and transportation. New grant programs give local governments the freedom to reimagine cities — to build communities that are cleaner, healthier, and easier to traverse. And massive subsidies for heat pumps, household solar, and electrical vehicles will soon allow consumers to enjoy the bounties of cheap, plentiful, and guilt-free energy.

“To the many people who helped bring this package to life: Thank you. We have long possessed a scientific roadmap for stabilizing Earth’s climate, but the limiting factor has always been political will. The Inflation Reduction Act is a historic investment in our future. It cannot, however, be the endgame. We must continue to scale decarbonization efforts over time, take decisive action at the state and local level; and, crucially, invest in Earth’s vital ecosystems, which can furnish at least one-third of necessary emissions reductions.

“To the citizens, scientists, and policymakers who still seek more: Do not stop pushing, and do not forget your power. When the road to climate stability runs through every state, city and town in the world, everyone has the agency to shape our planet’s future.”

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About Conservation International: Conservation International protects nature for the benefit of humanity. Through science, policy, fieldwork and finance, we spotlight and secure the most important places in nature for the climate, for biodiversity and for people. With offices in 30 countries and projects in more than 100 countries, Conservation International partners with governments, companies, civil society, Indigenous peoples and local communities to help people and nature thrive together. Go to Conservation.org for more, and follow our work on Conservation News, Facebook, Twitter, TikTok, Instagram and YouTube.