WASHINGTON — The Treasury Department on Wednesday announced that billions of dollars slated for investments in clean energy, electric vehicles and batteries under the Inflation Reduction Act will go to relatively underserved communities throughout the country.
The announcement comes as the IRA, the Biden administration's landmark law targeting manufacturing, infrastructure and climate change, turns one year old.
The more than $500 billion in announced investments, $200 billion of which is in the clean energy sector, is a key goal of the legislation, according to the Treasury.
A senior Treasury official told reporters on Wednesday that the agency is also seeing meaningful private investment in the efforts.
He also contended it would benefit the Chinese Communist Party, as the U.S. relies on Chinese imports of key inputs for clean energy technology.
Persons:
Sean Patrick Maloney, WASHINGTON —, Janet Yellen's, Harris administration's, Joe Biden's, Biden, Jason Smith, Smith
Organizations:
WASHINGTON, Treasury Department, Wednesday, Biden, Treasury, Chinese Communist Party
Locations:
Cold, , New York, U.S, China