The Inflation Reduction Act is starting to change the way bankers view their climate targets. climate
The Inflation Reduction Act is starting to change the way bankers view their climate targets.
Signed into law by President Joe Biden in August, the IRA includes $374 billion that’s earmarked to speed up the transition to clean energy, get more people to buy electric cars, and turbo-charge green technology. The effect will be to bring down the cost of capital for renewable power generation, and ultimately make the sector cheaper and more attractive than fossil fuels, Simm said.
UBS Group AG analysts predicted last month that the climate bill will rewrite the US investment landscape, providing “an enormous amount of money coming down the pipes that will move markets.” That coincided with research from Goldman Sachs Group Inc. showing that investors have yet to appreciate the full scope of the IRA’s reach.
Barclays’ new coal target for the US, which Venkatakrishnan said he expects to become official at the end of the year, would match its commitments in the UK and the European Union. A Barclays spokeswoman declined to elaborate.
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