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Nathaniel Keohane On Treasury’s Proposed Rule on Tech-Neutral Clean Energy Tax Credits

Statement of Nathaniel Keohane
President, Center for Climate and Energy Solutions (C2ES)

May 29, 2024

On the Department of Treasury’s Proposed Rule on Technology-Neutral Clean Energy Tax Credits

“The rule proposed today by Treasury is a critical and timely milestone in delivering on the game-changing potential of the Inflation Reduction Act (IRA). It promises to fuel innovation and speed deployment of zero-emitting electricity generation, getting more money out the door faster for technologies that will cut climate pollution from the power sector and across the entire economy. The clean electricity tax credits are the workhorse of the IRA, potentially resulting in a reduction of 300 to 400 million tons of climate pollution by 2035.

“To support the timely and effective implementation of these tax credits, C2ES convened a group of companies that are leaders in their industries, working to accelerate the deployment of net-zero electrical generation facilities across the country. Incorporating the valuable and diverse perspectives of these companies as well as our own expert analysis, C2ES developed—and shared with the White House and Treasury—policy recommendations for implementing the new tax credits. We’re pleased to see many of our recommendations reflected in today’s announcement.

“The world is racing toward clean energy, and the historic investments of the Inflation Reduction Act are central to maintaining America’s leadership in the technologies that will dominate the coming decades – as well as meeting the U.S. goal of cutting emissions 50 to 52 percent below 2005 levels by 2030. We look forward to continuing to work with our companies and with the administration to finalize the rule announced today.”

See C2ES’s Draft Regulations for IRC Sections 45Y and 48E (April, 2024)

 

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About C2ES: The Center for Climate and Energy Solutions (C2ES) works to secure a safe and stable climate, by accelerating the global transition to net-zero greenhouse gas emissions and a thriving, just, and resilient economy. Learn more at www.c2es.org.

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