NEW YORK--(BUSINESS WIRE)--KBRA provides an overview of the provisions included in the Infrastructure Investment and Jobs Act (IIJA) and details its environmental- and social-related funding. The report also highlights the environmental and social policies contained in the Build Back Better (BBB) Act, though the passage of BBB is currently uncertain.
President Joe Biden signed the IIJA into law on November 15, investing $550 billion above baseline levels (the equivalent of approximately 1% of GDP) in U.S. infrastructure over the next five years. The $1.2 trillion package will be the largest federal investment in infrastructure projects in decades, targeting improvements in roadways, bridges, public transportation, and water systems. Importantly, as the world increasingly moves toward a low-carbon economy, the IIJA will fund and expand climate mitigation, social equity, and environmental justice programs. The IIJA does little to reduce the country’s emissions level, but President Biden’s Build Back Better (BBB) plan, which has been passed by the U.S. House but not the Senate, includes a hefty sum dedicated to climate mitigation and resiliency as well as funding for social programs and environmental justice. Paired with the IIJA, BBB would be an important piece of legislation to help the U.S. meet the goals of the Paris Agreement and sustainably recover from the COVID-19 pandemic.
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Related Publications
- Key Climate Commitments by Country: A KBRA Primer
- The Infrastructure Investment and Jobs Act—What the $1.2 Trillion Funding Means for States
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