What is the Inflation Reduction Act?

On August 7th 2022, the US passed the Inflation Reduction Act (IRA)

The act is set to delegate billions of US dollars to clean energy technology.

Some of which include… 2 billion to National Labs to conduct clean energy research.

There’s a huge focus on clean transport including 1 billion to adapt heavy duty vehicles.

The bill provides direct consumer incentives to switch to clean energy in their homes, with 10 years of consumer tax credits to make houses energy efficient.

Experts have said they believe the act could reduce emissions by between 30 and 40%, reinstating that this must only be the beginning.

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