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Boom for US green energy with new federal funding

12/04/2024, 12:15

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The Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law, signed into law in 2022-2023, are funneling hundreds of billions in federal funds to develop clean energy technology and incentivize private investment in green industries and jobs in the US.

Companies are rapidly moving to take advantage of the lucrative tax credits and grants on offer. Sustainable aviation fuel producer LanzaJet plans a major new U.S. plant, citing the IRA tax credits as a “big influence.” Battery recycler Ascend Elements won $480 million in government grants to build a new facility.

The laws are projected to funnel over $1 trillion into clean energy deployment over 10 years through tax incentives for domestic production of clean tech like electric vehicles, solar, and carbon capture. This has already driven record $239 billion investment into the U.S. clean energy sector in 2023, up 38% year-over-year.

Source: BBC