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U.S., European Legislation Puts Real Muscle into Clean Energy, Decarbonization, and Job Creation, but Must Evolve to Keep Up with Demand

April 26, 2023

Via: PowerMag

With the passage of the Inflation Reduction Act (IRA) in December, the U.S. put some real financial muscle behind efforts to combat climate change and incentivize renewable energy with $370 billion in loans, grants, and tax credits to spur clean energy technology development, manufacturing, and job creation. Once the full potential of the bill is realized, federal clean energy spending created by the IRA over the next decade could reach $1 trillion, according to some experts.

The European Commission’s proposed $270 billion Green Deal Industrial Plan—a comprehensive set of measures aimed at supporting the transition to a sustainable and circular economy—is poised to do the same by mobilizing investments in clean technologies, improving resource efficiency, and fostering greater energy independence in Europe.

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