Tax Credits for Energy and Transportation

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There are a whole host of things. in the bill that might help the industrial or transportation sectors. The hydrogen production tax credit is another one where, given what's possible with cost delines, that could help certain industries to decarbonize by providing a clean source of hydrogen for their manufacturing. And then there are two tax credits, in particular for electric vehicles,. One is the one for kind of new, clean, personal vehicles and the other is one for new, clean commercial vehicles.

On Aug. 16th, 2022, U.S. President Joe Biden signed into law the Inflation Reduction Act, or IRA. The IRA is a comprehensive energy and climate law that allocates nearly $370 billion in federal spending to decarbonization efforts over the next decade.

In this episode of ESG Insider, we take a deep dive into those measures and explore the implications for the goal President Biden set to cut U.S. emissions by at least 50% by 2030 relative to 2005 levels.

We talk with Robbie Orvis, Senior Director for Modeling and Analysis at Energy Innovation, a non-partisan energy and climate policy think tank based in Washington, D.C. "There is a pretty clear path now to" achieving Biden's emissions reduction goals, he tells us. At the same time, says Robbie, "there are lots of things that have to go right to hit those types of targets and numbers," including building out U.S. electric transmission capacity to accommodate future renewable generation, and tackling workforce and supply chain challenges.

Listen to our episode on the low-carbon strategies of U.S. automaker General Motors here: https://www.spglobal.com/esg/podcasts/how-automaker-gm-is-tackling-climate-change-social-equity-and-supply-chain-risk

To hear more about the implications of the Inflation Reduction Act, listen to a recent episode of the Energy Evolution podcast from our colleagues at S&P Global Market Intelligence here: https://podcasts.apple.com/us/podcast/how-will-us-democrats-new-deal-on-climate-affect-the/id1485337462?i=1000575106791

We'd love to hear from you. To give us feedback on this episode or share ideas for future episodes, please contact hosts Lindsey Hall (lindsey.hall@spglobal.com) and Esther Whieldon (esther.whieldon@spglobal.com).

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