Introduction

Jigar Shah is the director of the Loan Programs Office at the U.S. Department of Energy. Last year, as part of the Inflation Reduction Act, Congress allocated hundreds of billions of dollars for Jigar’s office to lend out.

The loans are supposed to go to companies that are helping the U.S. economy move away from fossil fuels. That can mean everything from building new nuclear plants to creating a giant hydrogen battery in an underground salt cavern.

Jigar’s problem is this: What’s the best way to lend out all that money – and do it fast enough for the U.S. to meet its climate goals.

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