Industry groups are applauding lawmakers after the passage of the Biden Administration’s recently proposed Inflation Reduction Act of 2022, pointing to its more than $5 billion in provisions they say are “critical” to enacting climate change-related policies and modernizing transportation infrastructure across the United States.

Once implemented, the bill, officially titled H.R. 5376, will help incentivize the use and development of low-carbon building materials in government buildings as well as provide grants and other forms of funding that will aid in the country’s effort to match CO2 emissions mandates outlined in the Paris Agreement from 2015. 

In a statement, U.S. Green Building Council (USGBC) president Peter Templeton commented that “the Inflation Reduction Act would put in place the most critical and consequential climate policies we have ever seen, and it would do so while reducing energy costs for American families and businesses and shoring up our energy security with a more diversified and reliable energy sector.”

Per Construction Dive, the bill’s provisions include:

• An additional $4 billion toward resiliency upgrades in federally-funded affordable housing developments.
• $100 million towards developing low-carbon materials and building products for federally funded projects.
• $2.15 billion for the installation of such materials in GSA-owned properties.
• Another $250 million that will go towards developing Environmental Product Declaration standards for manufacturers.
• $2 billion worth of Low-Carbon Transportation Grants that target Federal Highway Administration projects. 

The bill has passed the house vote and is expected to be signed into law by the President before the end of the week. This will be followed by a "grand celebration" to be held sometime in September, according to the Washington Post.