Climate Tech Break: IRA in Action
I’m Brad Carl with Silverline, a leading public relations agency focused on the exciting developments in decarbonization and sustainability. The time is now for clean energy and bold solutions, and this is your Climate Tech Break.
Unprecedented climate legislation is opening a vast array of opportunities for those in the cleantech space. The $369 billion dollars in federal funding – a little more than the size of Wisconsin’s annual GDP -- is proving to be a gamechanger by delivering critical investments to climate tech developers and manufacturers. That’s a lot of cheese.
Just three months after President Biden signed the bill into law, companies are taking advantage of tax incentives and grants for solar, wind, and other renewable energy projects. First Solar has announced a $1.2 billion investment to upgrade three plants and boost its solar panel production. And Canadian zinc battery developer Zinc8 signed an agreement to locate its new manufacturing facility in Hudson Valley, New York.
Developments are moving even faster in e-mobility, where Americans now can now tap into a $7,500 credit to buy EVs. Companies already are acting on these incentives to produce EV batteries in the U.S., with mining company Piedmont Lithium announcing plans to build a processing plant in Tennessee. Panasonic announced it is building a battery cell factory in Kansas, while Tesla has targeted Texas for a lithium-refining factory.
The law also requires that some manufacturing and assembly of EVs happens right here at home in the U.S. -- so car manufacturers are expanding their footprint stateside -- most notably Hyundai in Georgia and Toyota in North Carolina. It’s certainly a great way to keep the American economic engine running strong.
And as an important first, this law will dedicate between around $60 billion to environmental and climate justice efforts. These investments will be dedicated for cleaning up and protecting neighborhoods near polluted ports, reducing air pollution from industrial facilities, and installing energy efficient equipment at affordable housing developments. It’s clear more investments like this are needed, but it’s no doubt a good start.
The many benefits of the Inflation Reduction Act are leading to a transformational moment for innovators in climate technology and ensuring that climate tech and investments aren’t just available to some, but indeed for all– and the green economy is just getting started.
From Silverline Studios, I’m Brad Carl – power through the week.
