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In response to the Inflation Control Act, a new analysis reveals a strong private sector response that increased government investment in clean energy nearly fivefold.
Siris Valentine’s report grist.
in short:
- Private sector contributions of $5.47 for every government dollar led to a surge in clean energy investment.
- Federal tax credits are primarily driving $34 billion in government spending, with overall investments spanning a variety of technologies.
- Despite the significant increase in investment, experts warn that current levels may not be enough to meet the United States’ ambitious climate change goals.
Main quotation:
“This proves the value of the federal government taking the lead in putting in place policies that say, ‘This is where we want to go: support decarbonization, support clean energy.’
— Hannah Hess, Associate Director, Climate and Energy, Rhodium Group
Why this is important:
The Inflation Control Act spurs unprecedented investment in clean energy and emphasizes the federal government’s vital role in steering the economic transition toward sustainability. This move signals a strong push towards decarbonization and energy innovation, which are essential to achieving national and global climate goals.
After the passage of the Inflation Control Act, those on the ground working on climate change mitigation, climate solutions, clean energy, and climate justice began to feel optimistic about their goals.
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