Van Hollen Secures Two Climate Provisions in Newly Released Inflation Reduction Act; Applauds Progress on Combatting Climate Change, Rising Costs

Today, U.S. Senator Chris Van Hollen (D-Md.) released the following statement applauding the Inflation Reduction Act, which includes key provisions from the Senator’s HOPE for HOMES Act and his and Senator Markey’s Clean Energy Accelerator (National Climate Bank) proposal:

“We are facing the moment of truth in our battle to confront the climate crisis. We need to act – and we can’t afford to wait any longer. The costs and harms of doing too little are rising by the day. Moreover, seizing this opportunity will boost the growth of U.S. jobs and lower the costs of energy for American consumers. The Inflation Reduction Act released today puts our nation on the path to making the real changes we need to tackle this national and global emergency. But that’s not all – this legislation will help combat the rising costs Americans are facing by cutting the price of prescription drugs, maintaining access to affordable health care, and reducing our national deficit. To do all that, this bill will finally ensure that the super-wealthy and big corporations pay the taxes they already owe under the law and close some of the tax system’s most egregious loopholes.

“I was proud to author two key provisions that are included in this proposal: one will provide rebates to help Americans make their homes more energy efficient so they can reduce their heating and cooling bills. The other provision creates a Greenhouse Gas Reduction Fund which will provide resources that can be used to launch a National Green Bank to partner with the private sector and community lenders to make an array of investments in clean energy technologies and energy efficiency improvements. This will serve as a force multiplier for the development and deployment of green technologies, with an emphasis on environmental justice communities. With these provisions – and all of those included in the Inflation Reduction Act – we will make historic progress in our work to combat climate change and build a better future for our nation and our world.”