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HOW THE IRA ACCELERATES CLEAN ENERGY ADOPTION

Sponsored: EDF’s Victoria Mills interviewed Chris Hess of Eaton to discuss how
the IRA is accelerating the development of new technologies, products and
solutions necessary for the energy transition.

By Victoria Mills

August 10, 2023

Image courtesy of Shutterstock.

This article is sponsored by Environmental Defense Fund.

The Inflation Reduction Act (IRA) is a major win for American businesses,
offering companies billions of dollars in tax credits, loans and other
incentives to accelerate progress toward environmental sustainability. Many
believe it is destined to be transformative — if those incentives are
implemented efficiently and effectively.

In this series of articles, business leaders from top companies will share how
they are implementing IRA provisions and what advice they would give to other
companies eager to capitalize on all the IRA has to offer. 

Eaton is a global technology leader in power management solutions that works to
improve the quality of life and the environment through the use of power
management technologies and services that reduce their environmental footprint
and by offering sustainable products and solutions to their customers.

Recently, I spoke with Chris Hess, vice president of public affairs at Eaton, to
learn more about how the company is thinking about the IRA.

Victoria Mills: Eaton was a strong advocate for the IRA. Why is that? How did
you weigh in?

Chris Hess: Eaton was — and remains — an advocate for the IRA because this
legislation is accelerating the adoption of clean and renewable technologies
that are critical to building a sustainable and resilient future. We also know
that consistent and reliable investments in the electrical grid are necessary to
make the energy transition possible. The IRA includes incentives that provide
certainty to the market so investments can be made to electrify the power and
transportation sectors.

Our team at Eaton weighed in primarily on the IRA programs related to updating
the electrical infrastructure to support vehicle electrification. We spoke
directly with members of Congress and the federal agencies responsible for such
programs in the automotive and heavy-duty segments. We offered insights on how
to modify and expand current programs and create new ones to drive the
investment needed to enable the energy transition — and to amplify its benefits.

Mills: How has its passage changed the business context for your company?

Hess: At Eaton, we have long been committed to making power safer, more
sustainable and more efficient for our customers and partners. We do this by
helping them reduce emissions through the design of low-carbon technologies and
solutions that enable the addition of more renewable energy sources, storage and
electric vehicle infrastructure to their operations.

The passage of the IRA has strengthened the business context for Eaton because
it has accelerated and advanced the development of new technologies, products
and solutions that will enable the energy transition. These are the solutions
we’re focused on and committed to developing at Eaton.

Mills: What are key IRA programs you are benefiting or expect to benefit from,
directly or indirectly?

Hess: Eaton is impacted by most of the clean energy portions of the IRA,
including automotive and heavy-duty truck electrification programs, funding to
update the utility grid and residential power management infrastructure, and
investments in renewable energy storage and microgrids.

The demand for electric vehicle charging infrastructure is in turn increasing
demand for power management system upgrades, and Eaton provides the charging
infrastructure and power management solutions that make this possible.

Mills: What’s a specific example of how you (or your customers) will benefit
from an IRA grant or incentive? 

Hess: Since Eaton is impacted by most of the clean energy provisions in the law,
we’ll benefit from investments in updating the utility grid and residential
power management infrastructure, renewable energy storage and microgrids. The
IRA’s emphasis on transportation electrification will increase demand for
electric vehicle charging infrastructure, which in turn will require power
management system upgrades. Eaton provides the charging infrastructure and power
management solutions that make this possible.

Mills: How does the IRA support progress toward your climate goals, and those of
your customers?

Hess: The IRA supports progress toward Eaton’s climate goals and those of our
customers because it incentivizes the adoption of clean energy technologies that
reduce carbon emissions. The programs in the IRA will also help Eaton meet our
commitment to reduce our operational carbon footprint 50 percent by 2030. We are
also excited about the opportunity to reduce upstream and downstream (i.e.,
Scope 3) emissions 15 percent by 2030. This includes the embedded carbon and
use-phase carbon in our solutions, how our solutions help our customers reduce
their own emissions and how our solutions contribute overall to a low-carbon
future.

Mills: What needs to happen to make sure the IRA delivers on its potential? 

Hess: America’s energy infrastructure needs to become more secure, sustainable
and resilient to make the energy transition a reality. The IRA investments in
modernizing our electrical grid are a down payment on what’s needed to achieve
the full potential of the clean energy transition. The growing electrification
transportation, building systems and industry will drive a substantial increase
in power demand by 2050. In addition, the highly distributed nature of renewable
energy is upending the traditional power delivery model. Traditional electrical
power infrastructures must be upgraded, with software and services optimizing
every process, to realize new energy benefits.

The highly distributed nature of renewable energy is upending the traditional
power delivery model. We need both private-sector innovation and supportive
public policies to enable a systems approach transforming power generation and
distribution for homes, buildings and utilities. 

Mills: What would you like to see other companies doing now regarding the IRA?
What’s one piece of advice you’d like to share?

Hess: At Eaton, we have a dedicated team working with our customers to better
understand how the IRA can help them adopt clean energy technologies. We
encourage organizations to do the same, and to work with their partners
(including companies like Eaton) to ramp up their adoption of renewable energy
and zero-emission vehicles. In this way, we can accelerate progress toward the
clean energy future we all want.


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MORE ON THIS TOPIC

 * Energy & Climate
 * Policy & Politics
 * Renewable Energy
 * Sponsored
 * Environmental Defense Fund (EDF)
 * Inflation Reduction Act


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VICTORIA MILLS

AVP, Climate Policy Leadership
Environmental Defense Fund
@EnvDefenseFund




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