According to three recently passed legislation, the U.S. government will invest more than $500 billion on climate technologies and clean energy over the following ten years, according to a non-profit RMI report.
The figures are based on last year’s Infrastructure Investment and Jobs Act and this month’s Inflation Reduction and CHIPS legislation. Together, they promote manufacturing, research, and pilot projects pertaining to the climate.
According to Lachlan Carey, co-author of the report, which was released on Monday, “Together they constitute a cohesive green industrial policy, in that there are strategic industries that they focus on and a set of tools designed to speed production up and down the supply chain.”
The estimated $514 billion total comprises $362 billion from the IRA, $98 billion from the infrastructure act, and $54 billion from the CHIPS law, which has bipartisan support. However, some of the cash will not be distributed until additional legislation is passed by Congress. Additional land- and agriculture-related climate spending is not included in the analysis.
For instance, the CHIPS law will provide funding for climate-related materials research projects like creating novel battery chemistry and more effective solar panels.
According to the analysis, federal expenditure on climate and clean energy will more than treble over the next five years and be around 15 times more than it was in the recent past.
According to projections from the US government, the generation of renewable energy is increasing.
However, the authors of the study stated that climate action needs to be accelerated.
“It’s a time-consuming process that we just can’t afford to take. We have 10 years, whereas solar and wind took 40 years “Co-author Jun Shepard made the statement.