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Biden’s Green Subsidies Are Attracting Billions of Dollars to Red States [1]

['Phred Dvorak']

Date: 2023-05

Money is a sticking point in climate-change negotiations around the world. As economists warn that limiting global warming to 1.5 degrees Celsius will cost many more trillions than anticipated, WSJ looks at how the funds could be spent, and who would pay. Illustration: Preston Jessee/WSJ

Republican-leaning states are attracting most of the clean-energy investments spurred by the Biden administration’s signature Inflation Reduction Act, a bill that passed the U.S. Congress without any Republican votes.

The act, which was signed into law in mid-August, offers beefy tax credits and other support for clean-energy projects ranging from wind farms to factories that make batteries, solar components or hydrogen. The incentives have improved the economics of those projects and helped spark a flood of investment announcements from companies including the solar manufacturing unit of South Korean conglomerate Hanwha Group and Norwegian startup Freyr Battery .

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[1] Url: https://www.wsj.com/articles/bidens-green-subsidies-are-attracting-billions-of-dollars-to-red-states-11674488426

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