In the weeks since President Biden signed a comprehensive climate bill devised to spur investment in electric cars and clean energy, corporations have announced a series of big-ticket projects to produce the kind of technology the legislation aims to promote. Investments in battery factories, solar panel manufacturing and mining will help the Biden administration meet targets for reducing greenhouse gases. The big climate bill, the Inflation Reduction Act, is the latest in a series of policy moves and geopolitical developments that have pushed automakers and suppliers to invest in the United States. Even with the $369 billion in direct funding, loans and loan guarantees that the Inflation Reduction Act will pump into corporations, consumers and states, slashing greenhouse gas emissions remains a challenge, analysts and industry representatives say.
By Jack Ewing and Ivan Penn. New York Times. September 7, 2022.