Cspan. Org. Next a look at the Inflation Reduction Act. Good morning, everyone. Good morning. I have beginning to doubt the quality of our coffee. Im the Vice President of Development Program and helped lead program. On behalf of myself and our interim president lew, warm welcome to all of you in the room and those of you online as well for this important conversation. Oneyear anniversary of the Inflation Reduction Act and the progress on the climate agenda hosted by the brookings initiative on Climate Research in action. Its been just over a year since President Biden signed into law the Inflation Reduction Act or ira as its known. It is the most ambitious investment in Clean Energy Legislation in u. S. History. It includes more than 20 new and modified tax incentives and tens of billions of dollars of loan programs. The ira with Energy Technology investment and deployment and accelerate then transition by unlocking transformative change, Energy Systems but also believers through energy cost and goodpaying jobs particularly for communities that are underserved or overburdened by pollution. Ira inon combination with law would allow u. S. To cut emissions 40 by 2005 levels by 2030 andev to the country to achieve by 2050 with longterm Strategy Plan unveiled two years ago. We all know that success is not predetermined particularly plans are ambitious as the ira and the oneyear anniversary, how is it working across the country. What are practical on the ground challenges and how do we overcome them to maximize the potential of the ira and importantly on whether the benefits are get to go the people and the communities that need them the most. These are some of the questions that are brookings climate experts have been working on among others. I believe that the ira has the potential to be beneficial not just for the u. S. But for the world u not withstanding concern from countries uncolluding diversion of foreign investment, provisions and implications for the wt of courses free trade principles. Success. Net zero transition in the u. S. Will make significant contribution to the shared gel of cutting global emissions to acceptable levels and contain global warming. The ira, bolster u. S. Spending and commitment to the global climateagenda and climate expere the forefront of the Global Policy have been accentive to help other countries reacting to the ir affects including europe and canada. We will hear on the impact of ira in the u. S. And also the global implication. We could not have been more honor today have john podesta open event and founder of the american progress, currently serves as Senior Adviser to President Biden for Clean Energy Innovation and implementation. In this you will oversea implementation of the ira and shares National Private task force. Hes a devoted Public Servant including coordinator of the Climate Policy and initiatives in the Obama Administration and as white house chief of staff clintone administration. So, john, thank you for your continued service andha dedicatn to the nation. We are honored you finding time in busy schedule to be with us today. The agenda for the remaining of the day, half day is we will hear from john and remarks and then followed by chat with david victor who is one of our climate experts and nonresident senior fellow in Foreign Policy and global program. After that john will depart to attend the business of our nation and begin the panel discussions. So thean first panel will focusn the domestic implications of the ira for the u. S. Economy, we will then take a tenminute coffee break for you to reach out and we will review the second panel on the global implication of thee ira includig its impact on trade, markets and and the climate emission. We are, indeed we are indebted to Lisa Friedman who will moderate panel. Reporter on climate desk focusing on climate environmental policy in washington. She has covered several International Climate talks and climate related stories from the bottom of chinese coal mine to the top of the himalayan mountains. Without fur due, please join me to welcome john to the podium. [applause] well, thank you, and its great to be with all of you. Its great to be at brookings, my second favorite think tank in washington, d. C. We are gathering, of course, at the end of summer that really was defined by the Climate Crisis. Re its only october and this year is already set a record for the number of climate disasters costing over a billion dollars from the devastating fires in maui to hurricane delia and hurricane lee to rare Tropical Storm hillary in california, the catastrophic flooding in vermont and new york, the 31 Straight Days in phoenix that were over 110degrees fahrenheit and thats just in the United States. Usi could spin around the world and repeat and virtually every continent. Over the past few months 98 of the people on the planet experience higher than normal temperatures. It was the hottest summer on record, july 4th perhaps honor of americas birthday was the hottest day ever recorded. But it may well be one of the coolers summers that we all experienced for the rest of our lives. The Climate Crisis is already here and we know what we need to do to create a livable future for ourselves and our children as the itcc, the un body of climate Scientists Say in the 2018 report on 1. 5degree celsius when they analyzed what was the difference between a world that was where global average temperatures were raised by 2degrees which is what the world was trying to manage towards in paris and beyond and what was the difference between that and 1. 3degree world and refocus the entire conversation on the difference in damage to the Natural World that would result from overshooting and andou hitting that mark. But they said in that report that what we need to do to stabilize the atmosphere was to get to aiz world by mid century where we were net zero, where we were taking as much as carbon out of the atmosphere as we were puttingbo into it and that would require a transformation of the Global Economy on the size and scale thats never occurred in human history. Let me repeat the quote from the report. A transformation of Global Economy on the size and scale that has never occurred in human history. O that kind of transformation i would contend is not achievable by the market alone. We need public and private investment. Its why President Biden passed his investing in america agenda, cathe bipartisan infrastructure law which makes the biggest investment in our nations infrastructure and spurs innovation in the energy sector, the chip and science act which lays innovation and, okay, the Inflation Reduction Act. The biggest ever investment in clean energy and Climate Change not just in the history of our country but in the history of the world. This legislation is core, is government enableded but its privatesector led. Unlike past legislative efforts the Inflation Reduction Act invests in every omitting sector, power, transportation, buildings, industry, agriculture and forestry and the president policy certainty for clean energy in this country. We have already seen a tremendous response to the passage of the bill from the private sector over the past year alone just since the bill passed and was signed into law last august a year ago august. 115 billion in Clean Energy Manufacturing investments i will add 3 billion to that a new battery factory in kokomo, indiana. What are 50 billion in new Clean Energy Manufacturing investments from ges new union made wind Assembly Line that was previously in decline building wind assemblies will create see hundred construction jobs and 1000 permitting jobs. On top of that utilities have announced more than 120 billion for clean energy. This investment is adding up over the last year. 4 of total investment structures durable consumer goods was in clean energy. More than doubled the share four years ago. Lets fostering economic growth. The first half of 2023 manufacturing construction contributed the most to real gdp growth of any six months on record going back to 1958. These are real results for the economy for planning and for the american people. They department of energy is found the Inflation Reduction Act and bipartisan infrastructure law put us on a path to achieve President Bidens goal of cutting Carbon Pollution by 50 52 by the end of the decade. They estimate because of those laws there will be 80 clean power in 2030 and will exceed President Bidens goal new vehicle sales electric in the same year. This legislation does not just benefit the United States. The Inflation Reduction Act is expected to drive down the cost of clean Energy Technology by as much as 25 globally. More than that in some of the more advanced technologies. Helping speed deployment make every dollar go further across the globe. Every ton of Carbon Pollution reduced here in america because of the Inflation Reduction Act will up to 2. 9 tons of Carbon Pollution outside the United States. Thats a complete change from where we were just over a year ago. As we enter hereto to maximize the inflation reduction ops injustice we need to result a few key challenges and that is what the conversation today is all about. As to the first challenge is permitting. In order to reach divide goal of one 100 Clean Electricity by 2035 we need to deploy highperformance transmission lines at twice the current pace. We need to build out 60 additional capacity to achieve that President Biden has elevated the permitting issue to issuesto the highest levels of government for the first time. I have been around a few times in washington i have never seen this happen before we meet regularly at the cabinet level to track nearly two highimpact projects about 56 gigawatts of trance capacity for renewable energy. Our administration is using every tool at our expose will to improve the federal permitting process. We are investing 1 billion the Inflation Reduction Act to increase capacity at key federal permitting agencies. To add personnel and Information Technology to move this process forward. We finalize new rule at the federal Regulatory Commission that streamlines interconnection process for transmission providers. But even as we work to resolve these permitting challenges we need to also Pay Attention to the fact we need more raw inputs for clean energy and strong sustainable supply chain. Here in the u. S. And across the globe. We are in a completely different position then we were when President Biden took office. Over the course of this administration and the private sector has announced more than 135 billion for the u. S. At battery and ev supply chain including what i mentioned including energy 5. 6 billion battery in arizona. There is a battery belt being built from north georgia all the way to michigan. Companies announced nearly 13 billion in Solar Manufacturing investments including 2. 5 billion in georgia twofold solar supply chain in the United States. It is true china dominates the supply chain for many upstream clean energy technologies. We have been seeing them for decades finding jobs in factories go overseas we are rewriting the playbook and we have more ground to cover. As the majority of the lithium cobalt and graphite supplies completely outpace the u. S. And our allies on the protection of batteries and its components. On solar china controls 90 of modular with Chinese Company control about 90 of the modules cell production and nearly all manufacturing. It is why President Biden is investing in america agenda targets every stage of the supply chain for critical clean energy technologies. Its why we are working with our allies around the world from the eu to south korea to secure reliable supplies of Critical Minerals. It is why we need sustainable secure resilient Global Supply chain for clean energy to break our collective reliance on china for production of particular those upstream technologies. As we built up these supply chains bringing new industries to our country we encounter a third challenge that is workforce development. External groups estimate the Inflation Reduction Act has already created over 570,000 Clean Energy Jobs just in the past year alone and could create more than 1. 5 million jobs over the next decade. President biden Vice President harris went these jobs be good paying jobs you can support a family on that offer a chance to join a union. Jobs that attract and support what looks like american jobs america jobsthat can lead to enr in clean energy. It is why the Inflation Reduction Act in its structure offers up to five times the value of Certain Energy tax credits for companies that pay their workers a prevailing wage and use registered apprenticed not projects that is a game changer in the way we are bringing people into the workforce. In august, treasury proposed role in this provision that would also provide incentives for taxpayers to meet these requirements by using project labor agreements between developers and unions. And in september the white house launched the american Climate CourtWorkforce Training Service initiative to help young people gain the skills they need to launch good paying careers in clean energy and Climate Resilience free to attack the problem directly by giving back to their communities. Its first year of the Climate Court will put more than 20000 young people to work prioritizing workers from communities that have historically been left behind including Energy Communities that have powered our nation for literally centuries. New data shows women account for more than half of all Clean Energy Jobs more than the 75 the jobs created by the Inflation Reduction Act will not require a Fouryear College degree. We are focused on inspiring that next generation to build a Clean Energy Future and knocking down the barriers that stand in the way. We have got plenty of room to grow. Globally we are not yet on track to reach the annual install Clean Energy Capacity that we are going to need as a globe to achieve net zero by 2050. We especially need more capacity on wind, heat pumps, and Hydrogen Electrolyzers for each technology at north americas expected to contribute less than 50 of production particularly if they dont change our project tree. But make no mistake there is plenty of room for both developed and developing economies to take advantage of the boom and clean energy. To tackle the Climate Crisis to boost our energy security, to build a thriving Clean Energy Economy we have to seize this opportunity to lead on industries of the future. We have to create the Virtuous Cycle of innovation thats going to drive down cost, it deploy its scale, go faster every year. To do that we need experts to provide more Research Data and best practices on emerging technologies we need a government in the private sector to Work Togethe