Goldman Sachs said President Joe Biden‘S pioneering clean energy legislation would cost about $1.2 trillion, which is three times more than the government’s official estimate.
What happened: The global investment banking group said the US Anti-inflation law passed last year will encourage trillions of dollars in private sector investment, Bloomberg reported.
The IRA aims to encourage investment in Renewable energies and technologies that increases efficiency. It was a crucial part of the Biden administration’s goals, which include decarbonizing the economy to prevent the effects of climate change.
See also: Clean energy stocks fall, could a senator getting $500k a year from coal companies be to blame?
Goldman Sachs analysts estimated that the $1.2 trillion provided by Washington would free up another $3 trillion in investment from companies and individuals to be used to create and expand climate-friendly businesses.
Meanwhile Biden and President of the European Commission Ursula von der Leyen decided to start Negotiations to settle US disputes And European Union about the EV subsidy contained in the Renewable Energy Sources Act.
Continue reading: Senator getting $500,000 a year from coal company fighting to stop EV tax credits: Here are the details
[ad_2]
Source story
