When US President Joe Biden passed his flagship climate law last year, he ushered the world into a new era of industrial policy.
The Inflation Reduction Act (IRA) marked the most significant legislative action the US has ever taken to reduce emissions, with $370bn in tax credits, grants and loans to rapidly decarbonise the world’s largest economy — while also building out a domestic supply chain for clean technologies.
Overnight, the US became one of the most attractive destinations for cleantech investment, much to the ire of the country’s trading partners, including the EU, which said the law had created “unfair competition”.
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