The solar industry has been in the limelight since early 2020, thanks to increasing concerns regarding climate change and the joint effort of countries worldwide to reduce carbon emissions by going green. The Biden infrastructure passed a landmark $1.2 trillion infrastructure spending bill earlier this year that includes significant investments to boost the domestic solar industry and contribute to reaching zero-carbon emissions in power generation by 2035.
However, given skyrocketing inflation and rising fuel prices, the Biden administration recently announced a strategic oil reserve release of one million barrels per day. This is expected to keep gas prices at bay, thereby driving up fuel usage. In addition, given the assorted macroeconomic headwinds and a potential recession warning, the government is expected to focus on more keeping the economy running rather than meeting its carbon emission reduction goals for now.
