The Inflation Reduction Act’s Impact on Climate Technology: One Year Later

One year after the Inflation Reduction Act (IRA) became law, its influence on climate technology is becoming increasingly evident. This landmark legislation allocated over $500 billion to advance clean energy solutions, including solar panels, electric vehicle batteries, and more. While the full effects of the IRA are yet to be realized, private companies are already embracing its provisions, leading to a surge in projects across the country. Notably, the IRA is fostering investments in electric vehicles and batteries, with the Midwest-Southeast corridor earning the moniker “Battery Belt.” However, unanswered questions remain, particularly regarding tax credits for hydrogen fuel. The IRA is a significant step toward climate action, positioning the US for a greener future.

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