Companies call for swift passage of a federal economic package centered on clean energy and advanced manufacturing investments to reduce costs for consumers and strengthen U.S. energy security, innovation, and competitiveness.
SOURCE: Ceres
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As Congress returns from its spring recess, dozens of major companies with operations across sectors in the U.S. are urging lawmakers to swiftly pass a federal economic package centered on ambitious clean energy and advanced manufacturing investments.
In a letter signed by nearly 50 large consumer, industrial, and business-to-business brands such as Adobe, Airbnb, CommonSpirit Health, Constellation, Danone North America, IKEA, Holcim, HP, JLL, Levi Strauss & Co., Logitech, Lyft, Redfin, PSEG, Salesforce, Sierra Nevada, and Unilever. The businesses call on Congress to build upon the 2021 Infrastructure Investments and Jobs Act with a package that will improve the nation’s energy security and economic competitiveness, while reducing energy costs for consumers. Specifically, they want the legislation to include a new package of aggressive tax credits for utility-scale clean energy development, incentives to help consumers and companies accelerate their shift to clean vehicles and energy systems, investments in U.S. supply chains and advanced manufacturing capabilities, and efforts to advance resilient forestry and climate-smart agricultural practices in rural areas.
Organized by the sustainability nonprofit Ceres, the letter is the latest example of strong corporate support for robust climate and clean energy action at the federal level. It comes at a crucial time as Congress reconvenes ahead of the midterm elections amid disruptions to global energy markets and new dire warnings from the world’s leading scientists that the window to act on the climate crisis is closing.
“As we look to the future, clean energy will be the backbone of America’s economic infrastructure and the key to the global competitiveness of American businesses,” the businesses wrote. “The time to invest in and build that economic infrastructure is now. America cannot afford to wait as other countries gain a competitive edge.”
The letter also outlines four economic benefits of these clean energy, climate, and environmental justice policies if they are to be included in the economic package:
- Lowering energy costs for businesses and families, saving the typical U.S. household $500 annually on energy costs, according to the Rhodium Group.
- Reducing supply chain delays by growing domestic capacity.
- Providing new economic opportunities for disadvantaged and rural communities.
- Ensuring that the U.S. can meet rapidly growing global demand for the advanced technology to lead the world in clean energy manufacturing and command the economy of today and tomorrow.
“At eBay, we are committed to reducing our carbon footprint as we grow our business. Strong federal policy support will allow companies across the U.S. to power their businesses on affordable, secure, domestic clean energy and build a more sustainable and competitive economy,” said Renée Morin, Chief Sustainability Officer, eBay.
“Holcim is a proud leader in providing innovative and sustainable building materials and solutions. We believe that it's critical to enact strong government policies to help us, and others, rebuild U.S. manufacturing and decarbonize the built environment. By passing an ambitious clean energy and manufacturing package this spring, Congress has the opportunity to support American manufacturing, help address supply chain issues, and showcase America’s leadership in innovation and decarbonization,” said Michael LeMonds, Vice President, Environment, Land and Government Affairs, Holcim U.S.
“As one of the world’s leading commercial real estate companies, we know that improving operational efficiencies and reducing emissions from the built environment is critical to preserving and creating value for our clients and communities. We strongly support a federal package to scale up advanced technologies innovation and investments in the clean energy transition to meet our energy needs and those of our clients, and secure a clean and prosperous future,” said Richard Batten, Chief Sustainability Officer, JLL.
Signatories to the letter are large companies that record at least $200 million in revenue each year.
Their voices add momentum to the considerable business advocacy for these investments in recent months, including a December letter signed by 400 companies of all sizes, as well as several trade groups and investors. Dozens of companies have also released their own individual statements calling for Congress to pass a robust climate and clean energy package, including Google and Intel Corporation in recent weeks. In February, 27 large companies including Cummins, Inc., Ford Motor Co., General Electric, Intel Corporation, and Southern Company sent a separate letter calling for Congress to approve strong federal climate investments and policies. Leading executives have also in recent months met with White House officials and members of Congress, and participated in a Punchbowl News interview series, as part of their ongoing clean energy advocacy push.
“Companies and investors know that advancing a federal clean energy package is vital to U.S. technological innovation, domestic manufacturing, competitiveness, energy security, and lower energy costs,” said Zach Friedman, director of federal policy, Ceres. “The urgency for these investments has only grown in 2022. We need this package now to reduce dependence on expensive, volatile global energy markets and supply chains, strengthen U.S. energy security and economic competitiveness, and ensure we have a stable climate for businesses and consumers.”
In May, large companies and investors will also champion these investments in front of lawmakers in Washington, D.C., as part of the fourth annual LEAD on Climate advocacy event. An opportunity for high-profile members of the business community to explain the economic and business opportunities of tackling the climate crisis to lawmakers of both parties, past LEAD on Climate events have seen hundreds of business leaders call for ambitious federal climate policy action.
About Ceres
Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies, and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.
Media Contact: Helen Booth-Tobin, booth-tobin@ceres.org, 617-247-0700 ext. 214
KEYWORDS: D.C., infrastructure, Clean Energy, CERES
