For Immediate Release
Washington, DC – May 13, 2025
Media Contact
Anayana White
anayana@asbnetwork.org
American Sustainable Business Network Sounds Alarm Over Threats to Inflation Reduction Act
Washington, D.C. – The American Sustainable Business Network (ASBN) is deeply concerned by the draft legislative proposals currently undergoing markups this afternoon in the House Ways and Means Committee and the Energy and Commerce Committee. These proposals pose a significant threat to the American economy by dismantling the Inflation Reduction Act (IRA), a bipartisan-supported cornerstone policy for America’s sustainable growth, clean energy transition, and domestic manufacturing renaissance.
Under the Ways and Means proposal, IRA clean energy tax credits would be repealed by the end of 2025 or made overly burdensome through added provisions and “foreign entity of concern” requirements. As for Energy and Commerce, the proposal includes massive cuts to IRA federal grant programs, totaling $6.5 billion in cuts that stretch the reconciliation process rules that bar non-budget policy changes.
The IRA has been a catalyst for substantial private sector investment, a driver of job creation, and a key factor in positioning the U.S. for leadership in the global clean technology race. However, the current committee proposals aim to dismantle key IRA provisions through accelerated phase-outs of critical tax credits (like the 45Y/48E clean electricity credits and 45X manufacturing credits), the repeal of vital mechanisms like credit transferability, and the rescission of billions in funding for essential clean energy and climate programs.
“These changes would create profound policy uncertainty, chilling investment, jeopardizing tens of thousands of American jobs, and undermining the burgeoning domestic clean energy manufacturing sector,” says Michael Green, ASBN’s Senior Advisor on Climate and Energy. “They risk increasing energy costs for consumers, harming grid reliability, and severely setting back our national climate and emissions reduction targets. For an administration that says it wants energy dominance, these decisions will put us further behind other economies.”
With $369 billion dedicated to clean energy initiatives, the IRA has spurred a manufacturing renaissance, attracting over $500 billion in new private investments and creating approximately 135,000 new jobs in sectors such as electric vehicles, batteries, and solar panel production. This tracker of major clean energy projects, from after the IRA became law in 2022, shows the massive private sector investments across 42 states in a variety of industries.
We urge policymakers to reject these damaging proposals and preserve the integrity of the Inflation Reduction Act. Sustained, stable policy is imperative for the long-term investments needed to secure a prosperous and sustainable American future.
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American Sustainable Business Network (ASBN) amplifies the collective voice of sustainable business to lead the way to a regenerative economy that is stakeholder-driven, just, and prosperous. As a multi-issue, membership organization advocating on behalf of every business sector, size, and geography, ASBN works to advance its mission to inform, connect, and mobilize sustainable business leaders, transforming the public and private sectors toward a just and regenerative economy.
