Source: C40 Cities

Excerpt:

One year after the United States introduced the Inflation Reduction Act, we explore how cities are using finance unlocked by this key legislation to phase out fossil fuels and transition to more sustainable and equitable economies.

This week marks the first anniversary of when the President of the United States, Joe Biden, signed the Inflation Reduction Act into law – a remarkable investment by the US Federal Government to direct funding to sustainable infrastructure projects across the United States. The Inflation Reduction Act was the single most significant investment in climate and energy in US history, and it came on the heels of the Bipartisan Infrastructure Bill and the American Rescue Plan Act. Together, these bills create an unprecedented opportunity for the US to further its climate ambition and contribute to phasing out fossil fuels.

As funding has begun to reach local projects, its cities are leading the way in delivering transformative sustainable projects made possible by the Inflation Reduction Act and Bipartisan Infrastructure Law. Cities are uniquely equipped to enact policies and build partnerships with communities and businesses to deliver local climate action. They are the innovative first movers, and in states that have failed to act, they are critical to reducing emissions and addressing climate breakdown.

Notably, cities are taking action to ensure that the funding incorporates the goals of creating a new green economy, which delivers well-paid green jobs in construction and includes historically marginalised communities in a more sustainable and equitable future. They are leading in retrofitting homes and buildings, installing rooftop solar, electrifying transit and personal vehicles, and adopting smart land-use policies.

Read more: How US mayors are creating a just energy transition