Biden climate law spurred billions in clean energy investment. Has it been a success?

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Biden climate law spurred billions in clean energy investment. Has it been a success?
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Some analysts praised the progress while others warned that much more is needed.

As global supply chain bottlenecks amid the pandemic have weighed on China's economy and hindered U.S. access to key parts, the need for a fix has gained added urgency, some analysts said.

By dramatically expanding U.S. clean energy production, the Inflation Reduction Act, or IRA, will help the nation circumvent a fragile global supply chain and return it to a trajectory of robust growth, industry representatives and some analysts said. "We've had nothing but support from our elected officials," he said. "We've found there's universal support for manufacturing jobs and pretty wide support for a diversified and cleaner energy mix."

The law hamstrings itself, Jacobson said, since it includes tax credits for what he says are unproven technologies like carbon capture, a way of reducing emissions at their source by trapping and storing carbon before it releases into the air. Such tax credits are "basically taking money away from real solutions," he said.The market will limit the use of credits for technology that proves ineffective, limiting that potential waste, said Hensley, of American Clean Power.

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