For business owners and operators in the indoor agriculture or controlled environment agriculture (CEA) space, whether you grow leafy greens, strawberries, or cannabis or support these businesses, the main questions about the Inflation Reduction Act of 2022 are most likely going to be:
- What is the Inflation Reduction Act?
- How will the Inflation Reduction Act help CEA businesses be greener?
- Will the Inflation Reduction Act help CEA businesses earn more revenue?
- What are the next steps for interested businesses?
So what is the Inflation Reduction Act of 2022?
There are two core elements of the Act:
- to advance the adoption of clean energy technologies and,
- to promote the use of climate-friendly agricultural techniques and products.
It was signed into law by President Joe Biden on August 16, 2022, based on the ambitious but scuttled Build Back Better Act. The Act is slated to activate over $1 trillion in spending on energy and climate change, making it the largest investment into addressing climate change in United States history. According to several independent analyses, the law is projected to reduce 2030 U.S. greenhouse gas emissions to 40% below 2005 levels.
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