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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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