Frustrated by the limits of the federal government’s reach, US climate envoy John Kerry has already been working on a creative solution that would help lure risk-averse private capital to funding the construction of solar arrays and wind farms in developing countries. His carbon credit proposal, unveiled Wednesday, was greeted with skepticism by many carbon-market experts because past offset programs have been abused, but many environmental groups praised it as a promising first step.
On decarbonizing the US, Biden has a much better story to share, thanks to the Inflation Reduction Act, which analysts say gives the US a credible path to cutting greenhouse gas emissions at least 40% from 2005 levels by the end of the decade.
It’s already speeding investments in US clean energy manufacturing and domestic supply chains: Zinc8 Energy Solutions Inc. plans to build a new battery manufacturing facility in New York; solar panel maker Hanwha Q Cells is evaluating sites in Georgia, South Carolina and Texas for a new plant; and REC Silicon ASA and Mississippi Silicon now intends to expand facilities in Washington state and Montana.
