By Valerie Volcovici
WASHINGTON (Reuters) -John Podesta, the White House’s senior adviser for international climate policy, touted the benefits on Tuesday for Republican states and districts of incentives offered by the Biden administration’s signature climate law, the Inflation Reduction Act.
Podesta said in a speech in Washington he was confident that the law, which provides billions of dollars in tax credits to help consumers buy electric vehicles and companies produce renewable energy, could continue to succeed if Republicans take control of the White House and Congress in the November elections.
U.S. House Republicans have attempted to repeal part or all of the law 42 times, Podesta said, despite the majority of its jobs being created in congressional districts represented by Republicans.
“Understandably, people are asking if that investment can really stick regardless of who is in power here in Washington. My answer to the question of whether the Inflation Reduction Act has staying power is ‘yes,'” Podesta said at an event hosted by think-tank Third Way.
He said despite no Republicans voting for the IRA when it passed in 2022, districts and states led by those lawmakers accounted for 58% of new jobs created due to investments from the law, according to advocacy group Climate Power.
Podesta mentioned several states such as Oklahoma and South Carolina where Republican politicians have publicly celebrated in-state investments that emerged as a result of IRA tax incentives. He referred to a letter by House Republicans who have urged party leadership to protect IRA provisions.
The letter to House Speaker Michael Johnson this month by 18 Republican representatives urged him against revoking all of the IRA if the party wins control of the House and Senate.
“A full repeal would create a worst-case scenario where we would have spent billions of taxpayer dollars and received next to nothing in return,” the letter said.
Podesta told the event that more than 90% of IRA funding available this fiscal year has been awarded and that he has been meeting with cabinet secretaries to ensure the money is distributed by year-end.
He said the Treasury Department aims to complete its final guidance for the IRA’s hydrogen tax credit, as well as guidance for existing nuclear power plants by the end of the year.
(Reporting by Valerie Volcovici; editing by Jonathan Oatis and Rod Nickel)
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