Wally Adeyemo

In 2022, Congress passed the Inflation Reduction Act (IRA), a sweeping law that—among provisions aimed at lowering the cost of prescription medication and reforming tax law—contains the largest climate investment in U.S. history.

An estimated $369 billion is set to be invested in clean energy initiatives through 2032, much of which is being distributed in the form of green tax incentives. This gives the U.S. Treasury a key role in implementing the Act—and Wally Adeyemo, the Treasury’s deputy secretary and chief operating officer (and a veteran of the Obama Administration), is responsible for overseeing it all. “My colleagues and I are laser-focused on providing the guidance and tools needed to make sure Americans reap the benefits of the IRA,” he said last year. “With robust implementation of the IRA, the U.S. can reduce greenhouse gas emissions by 40% below 2005 levels by 2030 and reach net zero by no later than 2050.”

In 2023, Adeyemo’s efforts enabled over two million families to claim $2 billion in credits for residential home improvements to boost sustainability, such as installing heat pumps or more efficient air conditioners. During the same period, more than a million families claimed over $6 billion in credits for residential clean energy investments like solar electricity generation and battery storage. Overall, these credits have been claimed by families in all 50 states, as well as the District of Columbia and Puerto Rico.

In January, the Treasury also implemented a tax credit that lowers the upfront cost of buying an electric vehicle. By June, over 150,000 EVs had been purchased using this discount, saving consumers over $1 billion—another example of how the Treasury’s swift action has saved people money while lowering America’s carbon emissions.