Biden Clean Energy Laws Unleash Record $239B Investment, Spurring Growth Across Sector

The Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law (BIL) will funnel billions in federal funding into clean energy research, development, and deployment over 10 years.

The laws aim to incentivize private sector investment in green industries through tax credits, loans, and grants in order to reduce emissions and create jobs.

Total US clean energy investment reached a record $239 billion in 2023, up 38% from 2022, partly driven by the new laws.

The IRA has "supercharged" growth in mature clean tech like solar and EVs and spurred "dramatic" investment increases in emerging tech like carbon capture.

The scale of US investment is applying competitive pressure on Europe and the fate of the laws depends partly on whether power changes hands in the 2024 US elections.