Inflation Reduction Act - Wind of Change?
After many months of intense political negotiations, President Biden signed the Inflation Reduction Act (IRA) into law on 16th of August 2022. This bill is seen as the most significant climate bill in US history as although the lengthy legislation covers various aspects of US economy, the environmental provisions are unprecedented in scope and breath. The colossal $369 billion in funding is designed to incentivise multiple sources of clean energy, including electric cars, hydrogen, carbon capture and storage, nuclear power, solar and wind as long as they are carbon neutral. Companies will also benefit by getting payments for their credits directly from the government instead of making complex financing arrangements.
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