Last year’s colossal Inflation Reduction Act and its hundreds of billions of dollars in cleantech subsidies are designed to spur private-sector investment and accelerate the country’s decarbonization effort. “It is truly massive,” says Melissa Lott, director of research at Columbia University’s Center on Global Energy Policy. “It’s industrial policy. It’s the kitchen sink. It’s a strong, direct, and clear signal about what the US is prioritizing.” The tax incentives have made the US irresistible to investors, say cleantech developers, and are sucking money away from other countries. Since the passage of the IRA last year, $90 billion of capital has already been committed to new projects, according to Climate Power, an advocacy group. “The US is now the most opportunity-rich, most aggressive growth, most prolific market for renewables investment in the world today,” says David Scaysbrook, managing partner of Quinbrook Infrastructure Partners, a global cleantech private equity group. “And will be for quite some time.” And the underlying effort to break the dependence on cheap Asian components that have sped the advance of renewables in recent years leaves many analysts skeptical. At a time when the White House is also contending with high inflation and Russian aggression, can the US reset the global energy order, create high-paying cleantech jobs at home, and cut emissions—all at the same time? “There is simply no reason why the blades for wind turbines cannot be made in Pittsburgh rather than Beijing,” Biden said in a speech last April. https://arstechnica.com/tech-policy/2023/02/the-us-plan-to-become-the-worlds-cleantech-superpower/
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Which is why it is SO IMPORTANT that the US step up and step it up right now. Hopefully this will have global impact as well in a good way!
Lol, the US is also why we are where we are today!