When President Joe Biden signed the Inflation Reduction Act (IRA) into law on 16 August 2022, he enacted the largest investment in climate and energy in the US to date and thereby changed the market for renewable energy for a decade with a single stroke of a pen. Well… to say a single stroke of a pen is quite an oversimplification as the IRA took countless hours of negotiation and a total revamp of the once named Build Back Better Plan that Biden campaigned on, all to get to a 274-page bill that will have massive implication for the nation and the world.Īnd today, almost a year since the IRA was signed, the momentum around this bill is still very high. The IRA – how this three-letter act is significantly advancing decarbonization and disrupting global hydrogen market competitiveness
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