The Clean-Energy Race Is On

The United States has entered the clean-energy race in a big way with the Inflation Reduction Act (IRA) of 2022. Not only will the law subsidize US renewable-energy producers and consumers to the tune of $369 billion over ten years; it also authorizes the Department of Energy (DOE) to lend up to $250 billion to US companies that are investing in the clean-energy transition.

Between the IRA and the recent $52 billion package to boost US semiconductor production, it is clear that industrial policy is back in vogue in Washington, DC.