ICYMI: EUROPEAN CEO: US IS LEADING ON GREEN ISSUES — EVERYONE ELSE MUST CATCH UP
The Inflation Reduction Act’s Investments in Climate Change are a “global wake-up call”
In Case You Missed It — America has become a leader in the battle against climate change thanks to the Inflation Reduction Act’s clean energy investments, according to a Financial Times op-ed from Maersk CEO Søren Skou. The CEO praised President Biden’s climate action and said the IRA’s investments create new opportunities for global companies to work together to create a cleaner energy future.
Skou also said the costs of solar power and onshore wind power could be halved and reduced by more than 60 percent, respectively. That means energy costs will be lowered for American families thanks to the IRA
The map of global green energy production for the future is being drawn, and the United States has established a significant landmark.
Amid an energy crisis exacerbated by the invasion of Ukraine, President Joe Biden’s Inflation Reduction Act includes a game-changing $369bn for climate and energy funding on top of the $110bn of funding already channelled into climate investments last year. This is expected to unlock more than $1tn in combined climate-related investments.
With the IRA the Americans have put themselves at the forefront of the race to become world leader in green energy production and have given the renewables transition a much-needed boost.
- Scaling green energy production and making it price competitive is a serious challenge. By providing an attractive business case for private and public partnerships, the IRA can help us fix this problem through large investments in a full suite of low-carbon technologies. An analysis by the Boston Consulting Group shows that with the groundbreaking incentives included in the act, the cost of solar power can be halved, and onshore wind power prices lowered by more than 60 per cent
About Invest in America
Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.
The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.