The Inflation Reduction Act (IRA) passed almost one year ago and, while the flurry of lobbying to pass the bill is behind us, the legislation should still be top of mind for organizations and companies. With funding opportunities aplenty, the federal government is still actively working to set up new programs and administer funds within the IRA.
Especially as it relates to sustainability and climate goals, your organization should be routinely reaching out to the agencies you work with most to advise on implementation strategy and inquire about upcoming funding announcements. Engaging now, whether it be through advising how funds can scale specific industries (e.g., reforestation or carbon capture technologies) or sharing best practices on government procurement, will pay dividends in advancing core policy priorities over the long-term. Here are a few existing opportunities to engage in right now:
IRS’s Elective Payment of Applicable Credits: The IRS recently released guidance on elective payment of tax credits under the IRA, including definitions and rules for partnerships and companies seeking these credits. The public comment period for external stakeholders to engage is open through August 14th.
OSTP’s National Strategy for a Sustainable Ocean Economy: The Office of Science and Technology Policy is currently requesting information as they develop the National Strategy for a Sustainable Ocean Economy (National Strategy). As companies and organizations increasingly invest in ocean-related natural climate solutions, they should engage in strategy development through this comment period. Public comments are due by August 28th.
USDA’s Federal Strategy to Advance Greenhouse Gas Measurement and Monitoring for the Agriculture and Forest Sectors: The USDA announced $300 million in funding to “improve measurement, monitoring, reporting and verification of greenhouse gas emissions and carbon sequestration in climate-smart agriculture and forestry.” Along with funding, the Department released a new strategy for public input through August 11th.
The ongoing release of information and requests for information can feel overwhelming. Getting ahead of these proposals by having a clear understanding of where your organization wants to engage will enhance your impact. Whether you engage formally through the comment process or in conversations with the agencies involved, sharing lessons learned will have a long-term impact on how these federal funds are spent.