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The Inflation Reduction Act represents the largest government spending package focused on sustainability in US history enacted in 2022 and emerges as a beacon illustrating the path towards a cleaner and greener future. Building on its globally respected programs, CSE is committed to keep its global leadership in sustainability education of sustainability professionals and C-Suite executives in the US and Canada with the updated version of the Sustainability Training, focusing on new legislation, sustainability reporting and ESG trends.
With a commitment unparalleled in history, the IRA earmarks substantial funds, estimated between $700 billion and over $1 trillion through 2030, for sustainability-linked initiatives. This includes tax credits that drive investments in renewable energy projects, sustainable aviation fuel, and emission reduction strategies. According to a recent survey, two-thirds of U.S. adults say the country should prioritize developing renewable energy sources, such as wind and solar, over expanding the production of oil, coal and natural gas, according to a survey conducted in June 2023.
The IRA’s influence extends beyond mere rhetoric, as it catalyzes the growth of the clean energy sector, aligning with the broader goals of ESG. It provides financial incentives for businesses, influences the commercial banking sector to expand ESG offerings, and contributes to the overall growth of the green sector. The IRA has contributed to job creation, with over 100,000 jobs reportedly linked to sustainable initiatives within six months of its enactment.
Moreover, the legislation supports various sustainable energy projects, especially in wind, solar, and electric vehicle sectors, through targeted tax credits for specific activities like electric trucks, charging infrastructure, renewable energy sources, sustainable aviation fuel and more. However, while the legislation has been successful in promoting sustainability, businesses still face challenges in understanding regulations, how to utilize ESG data, and implement comprehensive ESG strategies.
Despite the growth in ESG awareness, businesses encounter hurdles like lack of clear direction, data, and knowledge on implementing successful strategies. Businesses still need guidance on regulatory shifts and comprehensive ESG roadmaps. Commercial banks, with access to transaction data, can play a crucial role in providing solutions for reporting, assessments, compliance, and downstream influence.
The IRA, by driving demand for sustainable initiatives, is influencing businesses to consider ESG goals alongside financial concerns. It helps businesses make a stronger case for investing in sustainability improvements through tax credits, and incentives for carbon capture. This includes support for renewable energy projects, green improvements to existing buildings, and emission offsets such as carbon sequestration.
ESG considerations are evolving from a choice to a business imperative. Companies that proactively embrace ESG principles are expected to demonstrate resilience, attract stakeholders, and make more informed decisions.
How does CSE support the net-zero skills transition and why it is paramount?
Years of research, international observation, working with corporate intrapreneurs and social entrepreneurs and leading programs around the world – we feel confident looking toward the future! 2024 will be a continuation of trends, growing in momentum. This year will also see the rise of sustainability practices in unexpected places using innovative applications of cutting-edge technologies
Join our upcoming US | Certified Sustainability (ESG) Practitioner Program, Leadership Edition 2024, Digital Version with Live Zoom Sessions, on March 8, 11 & 12, 2024 to gain an in-depth understanding of regulations, effectively utilize ESG data and implement comprehensive ESG strategies.
Claim the last spots on time and reach us at [email protected]
Stay tuned for our upcoming programs and events!
