Arizona Edition: Private investment behind AZ clean energy projects tops $7B
August 2022 saw the passage of the Inflation Reduction Act.
The focus was to lower prescription drug prices and drive investment in clean energy.
Despite its name the legislation is considered some of the most significant passed that addresses the subject of climate change. Policy analysts call it the third of a trifecta of legislation that forms the centerpiece of the U.S. government's changing climate policy.
The others are the Infrastructure Investment and Jobs Act passed in November of 2021 and the Chips and Science Act passed in August of 2022.
Micaela Preskill is an advocate for the group, Environmental Entrepreneurs, or E2. The organization stresses the business and opportunity in clean energy, encouraging job growth and sound environmental policy.
Preskill tells KAWC's Arizona Edition that investment spurred by the Inflation Reduction Act alone tops $7 billion in Arizona and includes a major battery facility in the Phoenix area and a cobalt processing facility in Yuma County.
In fact, the organization is monitoring a flurry of projects across the country that have launched since the law passed last summer.
Preskill explains why businesses and investors are motivated by incentives in the law, who benefits, and how the legislation is providing a framework for a long-term clean energy economy.