President Biden signed the Inflation Reduction Act, codifying into law a major package of climate, health care and tax legislation. The new law includes the U.S.’ largest ever set of climate-focused investments, allocating nearly USD370bn to areas including renewable energy and industrial decarbonization solutions. Climate and energy focused aspects of the bill include measures to lower the cost of renewable energy solutions for consumers, promote the development of domestic clean energy manufacturing capacity, support climate solutions to decarbonize industry, and invest in climate resilience and mitigation initiatives in disadvantaged communities.

Source: ESGToday