The green industrial race: US versus China

​​illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:

🗞️ Driving the news: The U.S. Inflation Reduction Act (IRA) is a significant boost to America's clean energy transition, with $370 billion earmarked for clean energy investments
• This initiative is at risk of becoming politicized as the Presidential elections near, despite its success in generating $200 billion in new private sector investment and creating over 211,000 new jobs

🔭 The context: The IRA, along with the Infrastructure and Jobs Act, has positioned the U.S. as a contender against China's dominance in the green technology market
• China has made significant strides in solar and wind energy, investing $676 billion in clean tech in 2023 alone and taking steps to secure essential minerals for green technology

🌍 Why it matters for the planet: The urgency of the clean energy transition is underscored by the record-breaking weather and climate disasters in the U.S., costing over $400 billion in the past three years
• Meanwhile, China's aggressive investment in renewable energy and securing of key minerals positions it as a global leader, highlighting the importance of the U.S. maintaining competitiveness in green technology

⏭️ What's next: For the U.S. to maintain its global industrial leadership and not become overly reliant on China, it must continue to invest in clean energy and technology
• The IRA represents a step in this direction, but further efforts are needed to ensure the U.S. remains an attractive destination for cleantech investment and can compete in the global energy transition

📈 One stat: China was responsible for 38% of total global clean tech spending in 2023, investing $676 billion

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