Accelerate Impact: A OneValley blog series dedicated to sustainability and social responsibility in the acceleration industry. This is the first article in a four-part series. Read part two here.
In three weeks, congress went from having no climate and innovation on their radar to advancing nearly $650 billion in related legislation. The Chips Plus Act increases US semiconductor manufacturing, technology R&D, and innovation. The Inflation Reduction Act advances many climate and social provisions of President Biden’s original Build Back Better plan. Both these bills represent the most meaningful legislation in the past three decades.
Here’s how they do it:
The Chips Plus Act
$80 Billion for US-based semiconductor manufacturing and research
$10 Billion over five years to create 20 regional technology and innovation hubs
$20 billion towards promoting private/public acceleration partnerships
Inflation Reduction Act
$2 Billion to Department of Energy Labs to research clean technology
$20 Billion for a Green Accelerator
Reduces domestic greenhouse gas emissions by 40% by 2030
Stay tuned as we continue to unpack this legislation. Our next post will focus on where this investment is going and how startups and accelerators can best position themselves to win funding related to these bills.
Alex Fang serves as the Director of Social Impact at the OneValley, where he helps sustainability-minded founders grow their startups.