On August 16, President Joe Biden signed the Inflation Reduction Act (IRA) into law, which marks the most significant climate bill in the country’s history and has the potential to exponentially curb greenhouse gas emissions (GHG) over the next few years. Through $369 billion earmarked for clean energy and climate change initiatives, the government is expected to be able to reduce GHG emissions to up to 40% (Approx.) compared to 2005 levels by 2030.
Additionally, the IRA extends tax credits for clean energy generation, which should accelerate the deployment of renewable energy and battery storage, benefitting the clean energy sector and propelling fuel cell companies' shares.
