Failure To Pass Federal Clean Energy Legislation in the U.S. Will Harm Economy and Communities Across the Country
Ceres issued the following statement after U.S. Senator Joe Manchin announced that he would not support climate and clean energy investments as part of a federal budget reconciliation deal:
Zach Friedman, director of federal policy at Ceres, said:
“Ambitious federal climate and clean energy investments are the best available tool to fight inflation, secure our domestic energy sources, and catalyze the innovative industries, supply chains, and advanced manufacturing capabilities that our economy demands. The urgency for these investments has only grown in 2022. We need federal clean energy legislation to reduce dependence on expensive, volatile global energy markets and supply chains, strengthen U.S. energy security and economic competitiveness, and ensure we have a stable climate for businesses and consumers.
"Hundreds of the largest U.S. companies and investors have repeatedly called on Congress throughout the year to pass strong federal climate and clean energy legislation. And they know that this issue is too important to give up on now—not only because of the business imperative to limit the severe financial and economic risks of the climate crisis, but to capitalize on the opportunity to build a robust, competitive, and affordable clean energy economy.
Ceres will remain committed to working with Congress and the Biden administration, as well as state regulators and policymakers across the country, and with companies and investors in our networks and beyond, to advance strong policy solutions that will help the nation meet its economic and climate goals while delivering benefits for American communities, families, consumers, and workers.”
After President Biden last year established a goal to reduce greenhouse gas emissions at least 50% by 2030, hundreds of companies and investors pressed Congress to include major climate investments in any infrastructure package. Although the legislation that ultimately became the Infrastructure Investments and Jobs Act of 2021 (IIJA) included significant clean transportation, clean energy, climate resilience, and environmental justice measures, it alone was not enough to sufficiently advance the nation’s climate and economic goals.
As a result, companies and investors from across the U.S. economy have urged federal lawmakers to include more ambitious climate action in a reconciliation deal. These actions have included:
- A letter signed last December by 437 companies, investors, trade groups, and employers calling on the U.S. Senate to pass a package of climate investments that were previously passed by the House of Representatives;
- Participation in a March Punchbowl News interview series highlighting the substantial corporate advocacy for robust climate policy;
- A letter from nearly 50 large companies, each generating more than $200 million in annual revenue, calling for the package to advance as Congress returned to session in April;
- Meetings between more than 100 companies and lawmakers of both parties in May, as part of LEAD on Climate 2022, pushing for Congressional climate action;
- A June letter from more than 1,000 companies of all sizes, representing every state in the country and industry in the economy, pressing the economic case for these investments;
- A letter from seven CEOs at some of the nation’s largest companies, injecting their personal calls for climate provisions in a reconciliation deal at a critical point in the Senate negotiations;
- A letter from the leaders of three organizations representing powerful investors, urging Congress to prioritize climate action in the budget reconciliation process.
- And dozens of public statements of support from individual companies and executives over the last 12 months.
About Ceres
Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.
Media Contact: Helen Booth-Tobin, 617-247-0700 ext. 214, booth-tobin@ceres.org
