- The US emissions cuts double post-Biden’s Inflation Reduction Act in 2022.
- $239B for clean energy and EVs in 2023, up 38%.
Since Biden’s Inflation Reduction Act passed in 2022, US emissions cuts doubled, benefiting over 80 clean energy projects. $239 billion from IRA and Infrastructure Law went to clean energy, EVs, and carbon management in 2023, up 38%.
Despite this progress, challenges must be addressed to reach Biden’s net-zero goal by 2050. Government spending under the law may exceed $400B, with projections up to $1.2T by 2031.
Electrical power, batteries, and wind/solar are early winners post-IRA. State/local regulations hamper transmission line development, slow EV charging station expansion, and the hydrogen, carbon sequestration, geothermal, and nuclear energy struggle under IRA.
Oil companies critique tax credit criteria, potentially halting significant projects like a Texas hydrogen plant. US automakers fear competition from cheap Chinese EVs under IRA tax breaks.