Clarification of IRA benefits will ‘unlock billions’ of investment for renewables
Clarification of IRA benefits will ‘unlock billions’ of investment for renewables | Windpower Monthly
Clarification of IRA benefits will ‘unlock billions’ of investment for renewables
At least 40% of components in an onshore wind farm must have been produced in the US if it is to meet the domestic content requirement of tax credits in the Inflation Reduction Act (IRA).
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”