The U.S. has doubled the pace of cutting carbon emissions since President Joe Biden's Inflation Reduction Act passed in 2022, analysts and scientists said, with more than 80 solar, wind and energy storage projects taking advantage of the law's mix of direct payments and tax credits. The IRA and the Bipartisan Infrastructure Law last year provided $239 billion for clean energy, electric vehicles , electrification of buildings, and carbon management in the U.S.
Two years after passage of the landmark climate law, early winners have been sectors such as electrical power, battery manufacturing and traditional clean energies like wind and solar. The law encouraged Asian and European companies to invest more in the U.S., which in turn prompted Europe to develop its own Green Industrial Plan over worries the U.S. would pull away clean-energy projects and talent.
Concern about Asian companies cornering the market on advanced technology needed for EVs and other green energy items also prompted Washington to launch aggressive investments in semiconductor plants. 'Some parts of clean energy like electric vehicles have become particularly politicized. There could be a risk that the implementation of the IRA by the administration could be slowed down,' Bordoff said. So far, a $7.5 billion U.S.
Now, a proposed IRA-linked fee for excess methane emissions on federal lands has raised a new hurdle, ConocoPhillips Chief Executive Ryan Lance said, adding that 'industry is pushing back' on that issue. Despite the various industry complaints, the climate law has helped the U.S. reduce carbon emissions by 4% annually, double the pace of 2% a year before the law, nine research teams across the U.S. said last year in an article published in the journal Science.
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