One year old, US climate law is already turbocharging clean energy technology

illuminem summarizes for you the essential news of the day. Read the full piece here in The Washington Post or enjoy below

🗞️ Driving the news: One year into the U.S. climate law, the Inflation Reduction Act (IRA), a massive expansion of battery and EV manufacturing is being seen across the country
• Solar panels installations are spreading, even in traditionally coal-dependent states, spurred by a 30% discount via a tax credit

🔭 The context: The IRA was enacted as America's most substantial response to climate change, aiming to reduce greenhouse gas emissions and build domestic supply chains in clean energy
• The law encourages investments in battery storage for the grid, with experts suggesting it could boost the storage sector as solar energy did a decade ago

🌎 Why does it matter for the planet: The implementation of the IRA could significantly improve the U.S. greenhouse gas emissions scenario
• The law is projected to reduce U.S. emissions by up to 41% by 2030

⏭️ What's next: Experts predict the IRA's full impact, including a rise in US wind and solar-related investments, will be evident between 2026 to 2028
• However, this potential decrease in greenhouse gases is threatened if the US electric grid can't support new demands

💬 One quote: “When the federal government makes an investment, we get to the tipping point faster” (Barbara Humpton, CEO of Siemens USA)

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