| Work Detail |
More than 10,000 announced jobs have been canceled, and more losses are expected if the so-called “Big, Beautiful Bill” passes the Senate as written, according to E2. The Inflation Reduction Act (IRA) of 2022 launched a ten-year clean energy industrial policy in the United States, but key elements are now at risk of being repealed by the Big, Beautiful Bill, which has already passed the House of Representatives and will now be voted on in the Senate. The Big, Beautiful Bill is the name given to the bill pushed by President Donald Trump, which combines tax cuts, border security measures, healthcare reforms, and changes to social spending. Following the IRAs passage in 2022, unprecedented investments in clean energy were announced across the U.S. E2 tracks these announcements in its Clean Economy Works report. Since the IRAs passage, more than 390 clean energy projects have been announced in 42 states, representing more than $130 billion in investments and 120,000 jobs, according to the report. However, if the Senate approves the budget resolution as written, key elements of the IRA, including the Investment Tax Credit and the Production Tax Credit, will be repealed for projects that do not come online before 2028. This will end critical industrial policy support for clean energy about five years ahead of schedule. This uncertainty, coupled with uncertainty about tariffs and their implementation, has led to an increase in the number of canceled projects and factories. E2 reported that $14 billion in clean energy projects and 10,000 jobs have been canceled by 2025. In April alone, $4.5 billion in projects were canceled, according to E2. “Now is not the time to raise taxes on clean energy or exacerbate the business uncertainty that is clearly increasingly impacting U.S. manufacturing and employment,” said Michael Timberlake, E2’s director of communications. Furthermore, most of the canceled investments were located in Republican districts. House Democrats voted unanimously against the budget bill, but it passed by a slim majority thanks to strong Republican support. To date, more than $12 billion in investments and 13,000 jobs have been canceled in Republican-voting districts, according to E2. As of April, more than 61% of all announced clean energy projects—along with 72% of all jobs and 82% of all investments—are in Republican-represented congressional districts. “Now, businesses are hoping Congress will reconsider and stop this costly attack on an industry that is essential to meeting Americas growing energy demand and driving unprecedented economic growth across the country,” Timberlake said. |
