August 16, 2022
Today, President Biden will officially sign the Inflation Reduction Act and enable the country to transition towards a low-carbon, sustainable, and equitable future.
The IRA hopes to reduce greenhouse gas emissions (GhG) by about 1 gigaton in 2030, or a billion metric tons.
Approximately $374 billion in energy and climate-related provisions including tax incentives for green energy projects, a $7,500 tax credit for purchasing new electric vehicles and a $4,000 credit for used EVs. However, there are limits imposed on supply chain sourcing for EVs that qualify.
The IRA also reinstated the Superfund tax on oil and petroleum companies, which is expected to raise $11.7 billion. The Superfund tax includes an oil excise tax to fund Superfund toxic waste site cleanups nationwide.
Our Greenhouse Gas Emissions by Congressional District dashboard assesses direct GhG emissions by congressional district.
Meanwhile, there’s more to celebrate - Recovering America’s Wildlife Act of 2022 and Massachusetts’ "Act Driving Clean Energy and Offshore Wind".
The Recovering America’s Wildlife Act of 2022 (RAWA) has already been passed in the House in June. If the act passes the Senate and gets President Biden’s signature, it will provide $1.39 billion to restore wildlife populations across the country.
Last week, Massachusetts Governor Charlie Baker signed the An Act Driving Clean Energy and Offshore Wind bill into law. This bill is the state’s most comprehensive legislation on moving toward its net-zero goal setting and sets the stage for MA to procure its planned 5,600 MW of offshore wind by 2030. The bill would boost MA’s economy and employment along the way as well as decarbonize its transportation sector by heavily focusing on electric vehicles.
Responsible Alpha is delighted to welcome Steve Dean as an advisor. Steve currently serves as the Country Manager for Indonesia, Malaysia, and Brunei, for the London Stock Exchange Group (LSEG), a leading provider of financial market data, analysis and news, and the backbone of the FX trading ecosystem globally. He currently resides in Singapore, where he has spent two decades working in corporate banking, trading, and wealth management with organizations that are now a part of JPMorgan Chase, Citi, and now LSEG. At LSEG, he and his team are committed to working with the authorities and with the rest of the industry to support the growth of the FX and financial markets, as well as that of the real economy in the countries in which they serve. Welcome, Steve.
