Boom for US green energy with new federal funding

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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