Deploy, Deploy, Deploy

President Biden’s Inflation Reduction Act (IRA) contains sweeping economic investments that will reverberate through American life for generations to come. Designed to simultaneously fight the climate crisis, lower drug prices, and ensure corporations pay their fair share, it is the centerpiece of Bidenomics and the President’s Investing in America agenda. The President’s holistic industrial vision marks a fundamental departure from the economic theories that have failed the American middle class for decades and underscores this Administration’s deep commitment to building a safer and healthier future for the American people.?

At its core, Bidenomics is a private-sector led and government enabled strategy driving deep and durable economic growth and fairness. Its ambitious goals, which extend far beyond an immediate impact on specific industries, include revitalizing American manufacturing, countering global economic and political threats, reducing carbon emissions, and uplifting underserved communities. Bidenomics is a profound alignment of public and private resources similar to the Pacific Railway Act of 1862, which helped build our nation’s railroads, and the Federal-Aid Highway Act of 1956 , which helped build our national highway system. ?

The Loan Programs Office (LPO) at the US Department of Energy provides vital financing to innovative energy projects, encouraging private sector investment and driving sustainable growth. Since the passage of the IRA, LPO has offered over $16 billion in conditional commitments and closed loans spanning the electric vehicle and stationary storage supply chain, marking an important step toward onshoring and reshoring manufacturing of the next generation of zero emissions vehicles, storage technologies, and critical materials production. If finalized, these projects will create tens of thousands of well-paying construction and operations jobs and displace an estimated 1.57 billion gallons of gasoline annually once fully operational. ?

LPO funds projects with a reasonable prospect of repayment that meet program criteria and undergo a rigorous due diligence process. We take educated risks on American communities that haven’t gotten a fair shake in generations. The real risk here isn’t project failure but the failure to invest in communities that have been left behind for far too long.?

Thanks to the resilience and industry of its citizens, the United States has already staged a remarkable economic recovery from the COVID-19 pandemic and its aftermath. The next step is to lay the foundation for deep and durable economic growth in a manner that embodies the values of hard work and fairness that define America. By celebrating the freedom to innovate while embracing cross-sectoral cooperation, we can rejuvenate U.S. industry and build a strong decarbonized economy that benefits all Americans for many generations to come.