The Inflation Reduction Act (IRA) was signed into law by President Joe Biden on August 16, 2022 that aims squarely at building a better America and delivering on President Biden’s vision to make sure the United States remains the global leader in clean energy technology, manufacturing, and innovation. The Inflation Reduction Act of 2022 is the most significant climate legislation in U.S. history, offering funding, programs, and incentives to accelerate the transition to a clean energy economy that reduces renewable energy costs for organisations like Green Power Partners: businesses, non-profits, educational institutions, and state, local, and tribal organisations. (Refer to the Critical Raw Materials Alliance (CRMA))
Related Definitions in the Project: The Project Management; Renewable Energy
Example Article of the Inflation Reduction Act (IRA):
Inflation Reduction Act: Opening Up Green Hydrogen Possibilities (Source: Oil Price on 27 February 2023): By Rystad Energy - If 2022 turbocharged the green hydrogen economy, then 2023 is the start of a long slog for this nascent sector that is set to be the backbone for decarbonization, transition and energy security strategies. Rystad Energy research has found that electrolyzer capacity is expected to grow by 186% from 2022 to 2023. Attention is therefore turning to the supply chain capacity necessary for electrolyzer production. Even though many of the raw materials needed for the sector’s growth have seen high price tags in recent years, Rystad Energy expects a 10-15% decrease in electrolyzer service price inflation between 2022 and 2027, as green hydrogen adoption grows, and cost cuts are realized. Rystad Energy’s latest projection for green hydrogen production by 2030 is 24 million tonnes from 212 gigawatts (GW) of electrolyzers, fueled by the latest round of incentives such as Inflation Reduction Act and Europe’s multitude of support schemes. ...
