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First off, condolences to our British readers. We’ve been mourning a loss on our side of the pond, too—there’s a sriracha shortage. You’ll never guess what caused it. (Hint: it rhymes with schlimate schmange.)
Drought-induced chili pepper problems may or may not be what inspired some rare good news out of Washington last month. Congress passed the Inflation Reduction Act, which is not, as the name suggests, a boring fiscal policy, but rather the largest federal investment addressing climate change in American history. The bill dedicates around $370 billion to climate and energy programs over the next decade.
Most of that money is for tax credits, loans, and other subsidies designed to accelerate the shift away from fossil fuels. Every step of the renewable chain—from energy producers and component manufacturers to utilities and EV companies—will benefit from incentives in the legislation that reshape the economics of green transition. The goal is to make the process of ditching oil less risky and more coordinated.
For shareholder activists who care about the environment, the bill changes the game, lending yet more ammo to agitate companies holding the reins of energy transition, while validating the financial arguments—that it’s a strategic no-brainer—we’ve all been making for years to hasten a decarbonized future.
We dug even deeper on our blog, so hop over to learn more.
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