The U.S. government will spend more than USD500bn on climate technology and clean energy over the next decade under three recently enacted laws, an analysis by non-profit RMI found. The tally is based on this month's Inflation Reduction and CHIPS acts and last year's Infrastructure Investment and Jobs Act. Together they fund climate-related research and pilot studies and support manufacturing. The estimated USD514bn total includes USD362bn from the IRA, USD98bn from the infrastructure act and USD54bn from the bipartisan-supported CHIPS law, although Congress will have to pass further legislation for some of the funding to be released. The analysis excludes additional agriculture and land-related climate spending. The CHIPS bill, for instance, will fund climate-related efforts in materials science such as developing new battery chemistry and more efficient solar panels.

Source: Reuters