On the surface, the Inflation Reduction Act that President Biden signed into law on Tuesday may sound like a massive government spending program. Indeed, it promises to put nearly $370 billion in federal funding behind the energy transition. But, if you dig deeper, the IRA is less about the power of government spending and more about the power of the private sector. The tax incentives, loans, and grants at its center are all intended to nudge the private sector to go faster in deploying existing technologies like wind and solar while also advancing future technologies. “The path they went down is 100% the ‘sweeten the deal path,’” says Karen Karniol-Tambour, chief investment officer for sustainability at Bridgewater. “Let’s just give lots of incentives to make the green stuff really competitive.” - Time
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