Credit Suisse believes the Inflation Reduction Act will have a much larger effect on the transition to renewable energy that most believe.
The Atlantic“Late last month, analysts at the investment bank Credit Suisse published a research note about America’s new climate law that went nearly unnoticed. The, the bank argued, is even more important than has been recognized so far: The IRA will ‘will have a profound effect across industries in the next decade and beyond’ and could ultimately shape the direction of the American economy, the bank said.
“But that estimate is wrong, the bank claims. In fact, so many people and businesses will use those tax credits that the IRA’s total spending is likely to be more than $800 billion, double what the CBO projects. And because federal spending tends to catalyze private investment, that could send total climate spending across the economy to roughly $1.7 trillion over the next 10 years.
Credit Suisse also thought about what might happen if reactionaries and fossil fuel apologists win control of the White House or Congress. They don’t think there’s much of a chance the IRA would be repealed because “Republican-leaning states are likely to see the most investment, job, and economic benefits from the IRA.” That seems like specious reasoning, since people vote against their own best interests all the time.
1. The number of Americans working in a climate-relevant industry is going to explode. It is going to undergo what you might call a. The opportunity will be too large, the money too persuasive, the problems too intriguing.
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