At the signing of the act in August 2022, President Biden declared that “the Inflation Reduction Act invests $369 billion to take the most aggressive action ever—ever, ever, ever—in confronting the climate crisis.” But it already looks like the figure of $369 billion was a significant underestimate. The law gives corporations tax credits for making electric vehicles, along with solar, wind, storage, as well as bioenergy, clean hydrogen, and carbon capture. Those tax credits were not capped, and corporations predictably lined up with their hands out. According to Goldman Sachs research, the
...more
