US act would expand credits for transition technologies
Bill would provide support to companies involved in the manufacture of wind turbine components, solar panels and EV batteries
The US’ proposed Inflation Reduction Act 2022 bill, announced last week, extends or expands credits for virtually every energy transition sector—including wind, solar, hydrogen, carbon capture and storage (CCS), and nuclear. The bill would mean payments being sent directly to companies involved in the manufacture of wind turbine components, solar panels and electric-vehicle (EV) batteries under a five-year, $60bn production tax credit. Tax credits for EV battery makers and materials suppliers require that materials be sourced from the US or free-trade agreement nations—which could be problematic, given China’s dominance of midstream battery materials production. $369bn – Amount set asi
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