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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
What the Inflation Reduction Act means for green energy in the US
22/3/2023
8 min read
Signed into law on 16 August 2022, the Inflation Reduction Act (IRA) is the US’ most significant climate legislation and the single largest investment in renewable power in the nation’s history. Sara Siddeeq reports on what the Act means for the US.
Over the last few decades, the US has lagged behind in clean energy production. The nation has experienced an 80% decrease in solar manufacturing over the past 10 years, while China has emerged as the dominant player in the solar supply chain. China is also the leading wind energy producer, renewable energy investor and minerals producer required for clean energy.
China’s monopoly has limited the US’ opportunities to diversify clean energy supply chains, foster more competition, create domestic manufacturing jobs and mitigate geopolitical risks.
In response, the IRA provides the US with $369bn of funding to support a more rapid transition to renewable energy. It introduces several new provisions while resembling elements of the Build Back Better Act (BBBA) and building on measures included in the Bipartisan Infrastructure Law. It is designed to revolutionise the renewable energy landscape by building in incentives that promote technological innovation and domestic manufacturing.