"US Climate Law Sparks Clean Energy Tech Boom in Just One Year"

The US climate law, the Inflation Reduction Act (IRA), which turns one year old on August 16, has already accelerated the adoption of clean energy technology. The law offers tax credits for clean energy installations, such as solar panels, leading to increased investment in battery and electric vehicle manufacturing. Nearly 80 major clean energy manufacturing facilities have been announced in less than a year, equivalent to the previous seven years combined. The IRA aims to reduce greenhouse gas emissions, build domestic supply chains, and promote cleaner transportation. It has also boosted the demand for battery storage, potentially putting the storage business on a similar trajectory as solar energy.