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Category: ECONOMICS_MN Featured_News_Homepage Inflation_Act_2022_Economics Inflation_Act_2022_Media NEWS_ARCHIVE

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The climate economy is about to explode

By Robinson Meyer Photo: David McNew/Getty

Late last month, analysts at the investment bank Credit Suisse published a research note about America’s new climate law that went nearly unnoticed. The Inflation Reduction Act, the bank argued, is even more important than has been recognized so far: The IRA will “will have a profound effect across industries in the next decade and beyond” and could ultimately shape the direction of the American economy, the bank said.

10/05/22
                                                               
ICF

How clean energy economics can benefit from the biggest climate law in US history

Ian Bowen and Others

At over 700 pages, the Inflation Reduction Act (IRA) is a dense piece of legislation. At the same time, its impact on the energy sector can be summarized succinctly: clean energy economics just got a whole lot better.
The legislation achieves this through a spate of incentives. There are enhancements to the existing production tax credit (PTC) and investment tax credit (ITC), which are now available to new solar and energy storage facilities, respectively; before the IRA, the ITC for solar was being phased down to a terminal level of 10% for facilities beginning construction from 2024 onward, and solar plants that were placed in

09/16/22
                                                               

The future is being rewritten by historic green investment

By Justin Worland Photo: Hassaan Gondal/TIME

Last fall, Miami-Dade County committed to eliminating its entire carbon footprint within three decades. It was an ambitious target, but also a symbolic one: a private utility company, Florida Power and Light, provides the region’s electricity and operates free of county oversight.

09/15/22
                                                               

How oil companies could thrive under the climate law

By Mike Lee By Claudine Hellmuth, E&E News

At first glance, the Inflation Reduction Act would seem like a financial problem for the U.S. oil and gas industry. The fine print suggests otherwise.

The bill, signed into law by President Joe Biden last month, imposes a new minimum tax on high-earning companies and a tax on corporations that buy back shares of their own stock. It came just weeks after top U.S. oil producers reported record earnings and billions in share purchases.
A funny thing happened on the way to the president’s desk, though. Lawmakers shaved off the tax provision’s rough edges and added a couple of breaks that will allow oil producers to benefit — potentially — from one of the industry’s worst-ever years.

09/15/22
                                                               

‘Transformational’: could America’s new green bank be a climate gamechanger?

By Joan E Greve Photo: Brendan McDermid, Reuters

The Greenhouse Gas Reduction Fund provides $27bn in funding for projects aimed at lowering America’s planet-heating emissions. Some of those funds, roughly $7bn, will be dedicated to clean energy deployment in low-income communities – but the vast majority of the funds will be used to create America’s first national green bank, an initiative long championed by climate activists. Those activists hope that the national green bank, which will provide financial assistance to expand the use of clean energy across the country, will accelerate America’s transition away from fossil fuels.

09/11/22
                                                               

Biden’s big climate bill isn’t a venture capital fund

By Dan Primack Photo: Annelise Capossela, Axios

The Inflation Reduction Act, signed into law last month by President Biden, includes around $370 billion for clean energy development and adoption. But it is not a venture capital fund, despite viral tweets to that effect.
Why it matters: $370 billion is a ton of taxpayer money, and it will deserve a rigorous review that begins from a place of common understanding — rather than from atop a strawman.

09/09/22
                                                               

White House policies rescued U.S. economy, Treasury’s Yellen says

By Chelsey Cox Photo: Jeff Kowalsky/AFP

Treasury Secretary Janet Yellen praised Biden administration’s economic policies Thursday during a speech at a Ford Motor Company electric vehicle plant in Michigan.

09/08/22
                                                               

Could you get home energy and EV incentives under the climate law?

Alison F. Takemura Photo: Marcela Gara, Resource Media

The new climate law is chock-full of incentives to electrify your home and car, but the specifics are a maze to navigate. To help you find your way through, pro-electrification nonprofit Rewiring America has released an online calculator that tells you which of the incentives you’ll likely qualify for. And over 200,000 people have already tried it.

08/30/22
                                                               

Inflation Reduction Act could curb climate damages by up to $1.9 trillion, White House says

By Emma Newburger Photo: Drew Angerer, Getty Images

The Inflation Reduction Act, the most aggressive climate investment ever taken by Congress, could cut the social costs of climate change by up to $1.9 trillion by 2050, the White House said in an assessment on Tuesday.
The act, which the president signed into law earlier this month, will reduce costs related to rising temperatures, minimize property damage from sea level rise and other disasters and reduce health impacts such as premature death, the White House said.

08/24/22