The estimated $514 billion total includes $362 billion from the IRA, $98 billion from the infrastructure act and $54 billion from the bipartisan-supported CHIPS law, although Congress will have to pass further legislation for some of the funding to be released. The analysis excludes additional agriculture and land-related climate spending.
The CHIPS bill, for instance, will fund climate-related efforts in materials science such as developing new battery chemistry and more efficient solar panels. Annual federal spending on climate and clean energy over the next five years will be roughly 15 times that of the 1990s and early 2000s and about triple that of recent years, the study said.But study authors said climate action needed to speed up.
"It's a long process that we don't have time to be that long. Like solar and wind took 40 years - we have 10 years," said Jun Shepard, another co-author.Reporting by Peter Henderson; Editing by Cynthia Osterman