Excessive heat continues to bear down on sections of the United States, a reminder of the impetus for the The Inflation Reduction Act, the significant climate legislation that turns one year old on August 16.
“For us, it's not politically motivated,” said Baggett. “It really came down to financially, it made sense.”Sign up for NBC Bay Area’s Housing Deconstructed newsletter.
“We’ve been talking about bringing manufacturing jobs back to America for my entire life. We’re finally doing it, right? That’s pretty exciting," he said. “When the federal government makes an investment, we get to the tipping point faster,” said Barbara Humpton, CEO of Siemens USA, adding that the company has invested $260 million in battery or battery storage projects in recent years.
“This is years and years of manufacturing capacity that is already booked out because people are bullish about the U.S.-produced solar market,” he said. Other countries, some of them ahead of the U.S. in addressing climate change, have enacted their own further efforts to speed the changeover to clean energy. Canada has announced a matching policy and Europe has its own measures to attract manufacturing, similar to the IRA.
The law is supposed to reduce the emissions of the U.S. — the country most responsible for greenhouse gases historically — by as much as 41% by 2030, according to a new analysis by Princeton researchers. That's not enough to hit U.S. goals, but is a significant improvement.
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