The Inflation Reduction Act (IRA) — signed into law by President Biden on August 16 — provides about $386 billion in energy and climate spending over 10 years, with related tax incentives up about $265 billion from the prior run rate. Goldman Sachs Research sees the IRA as most transformational for: Battery storage (residential standalone storage and utility-scale storage), Commercial building energy efficiency and Green hydrogen. GS Research Analysts also see the IRA as a catalyst to accelerate investment in longer-term carbon capture utilization and storage projects. With annual investment needed globally this decade to be on path for Net Zero by 2050 +$1.8 trillion vs. the annual run rate in 2016-20, the IRA is helpful but not an immediate panacea to put the world on track.
Goldman Sachs Research
GS SUSTAIN: Green Capex - US Inflation Reduction Act - What's Transformational, What's Supportive, What's Underappreciated
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