WASHINGTON, D.C. — Today, U.S. Secretary of the Treasury Janet L. Yellen participated in a virtual roundtable with investors and stakeholders to discuss how the public and private sectors can work together to leverage incentives in the Inflation Reduction Act to mobilize the large amount of capital that is needed to build a clean energy economy. According to third-party estimates, the Inflation Reduction Act’s clean energy incentives are projected to help catalyze trillions in private investment in energy supply infrastructure over the next decade.
The roundtable is part of a series of discussions the Treasury Department is hosting as it solicits input from the public to inform its work implementing the Inflation Reduction Act. Nearly three quarters of the Inflation Reduction Act’s $369 billion climate change investment – $270 billion – is delivered via tax incentives, putting Treasury at the forefront of this landmark law.
Secretary Yellen was joined by White House Senior Advisor for Clean Energy Implementation and Innovation John Podesta, Treasury Climate Counselor John Morton, and Treasury Assistant Secretary for Tax Policy Lily Batchelder.
The roundtable featured 15 leaders from financial services associations, sustainable investor alliances, sustainability-focused investment firms, state-level financial offices, and community-based financial institutions.
Secretary Yellen highlighted how the Inflation Reduction Act provides the long-term certainty that investors have sought for years, while introducing new incentives to scale-up key emerging technologies, build stronger clean energy supply chains, and invest in communities that may be at risk of being overlooked or left behind. She also emphasized how the success of the Inflation Reduction Act rests on harnessing capital from a range of sources, including early-stage venture capital, large global firms, community-based institutions, pension funds, and more.
The following organizations participated in today’s roundtable:
- AFL-CIO Office of Investment
- Amalgamated Bank
- Breakthrough Energy
- Climate Access Fund
- Financial Services Forum
- Galvanize Climate Solutions
- Generation Investment Management
- Glasgow Financial Alliance for Net Zero
- Illinois State Treasurer
- National Venture Capital Association
- Opportunity Finance Network
- Raise Green
- U.S. Sustainable Investment Forum
Last week, Yellen participated in a roundtable with leaders from across the clean power ecosystem and Deputy Secretary Wally Adeyemo participated in a roundtable on climate impact and equity. Treasury will also host roundtables on additional sectors, including clean vehicles and heavy industry.
For more information on Treasury’s stakeholder engagement around Inflation Reduction Act climate and clean energy provisions, please see:
- Treasury Seeks Public Input on Implementing the Inflation Reduction Act’s Clean Energy Tax Incentives
- Fact Sheet: Treasury, IRS Open Public Comment on Implementing the Inflation Reduction Act’s Clean Energy Tax Incentives
- Fact Sheet: Four Ways the Inflation Reduction Act’s Tax Incentives Will Support Building an Equitable Clean Energy Economy
- Readout: Stakeholder Roundtable on Clean Power Generation and the Inflation Reduction Act
- Readout: Stakeholder Roundtable on Climate Impact, Equity, and the Inflation Reduction Act