A pet peeve of Europeans, the IRA (Inflation Reduction Act) framework law adopted by Congress and openly protectionist could well transform the industrial landscape across the Atlantic, in line with Joe Biden’s environmental priorities.
By the editor
Joe Biden is succeeding where his Democratic predecessor, Barack Obama, failed: one of his most ambitious legislative projects, the Inflation Reduction Act (IRA), could disrupt the economic and industrial landscape of the United States in the years coming. With 374 billion dollars – an absolutely staggering sum – released in the form of subsidies, subsidized loans and tax credits over ten years to encourage companies to start their own environmental revolution, develop clean technologies and free themselves from fossil fuels, while favoring the “made in America”. Barely six months have passed since the promulgation of the law, on August 16, 2022, and the first figures leave one wondering: according to a report by American Clean Power, a pressure group dedicated to renewable energies, 40 billion dollars of investment would have already been generated, as well as 7,000 new jobs when these incentives came into effect on January 1.
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