#CleanTechEU - Thread for innovation and climate action in the EU, Summary
This article is written in the name of a group of leading institutions (Climate Strategy is a member) in the innovation arena, which publishes on a regular basis reports, factsheets, and related information using #CleanTechEU tag in an effort to further the decarbonisation of the economy. Today, we want to walk readers through this summer's a long awaited US climate bill (the Inflation Reduction Act IRA) was signed into law by President Biden. This bill will have a transformative impact for its energy system and economy, and in this article we look at the implications of the IRA for cleantech and the EU.?
We begin highlighting that?the IRA will accelerate the use of clean energy in the US by revising and extending upwards of existing $40 bn of tax credits for investment in and generation of zero-emissions electricity supporting innovation and deployment in key clean energy sources such as:
Interestingly, given that the European Commission ’s has its own #Fitfor55 strategy, it can now connect to the US #IRA and spur increased EU-US collaboration on core areas for development. These include: climate-related financial disclosures, clean hydrogen, carbon capture, and private-sector investment in emerging clean technologies.
Under the US IRA bill, a new programme of the U.S. Department of Energy (DOE) to drive #EnergyEfficiency retrofit projects will provide homeowners cash rebates of:?upwards of $4k - that save 35% of energy use or more, and upwards $2k - that achieve savings of 20% or more.The programme will also offer rebates 2x for low income households
Notably, the US #IRA includes a $27 bn Greenhouse Gas Reduction Fund, which will provide resources to launch National Green Bank to partner with the private sector and community lenders to invest in clean energy technologies, and energy efficiency improvements. Leveraging a relatively small amount of public funds, the National Green Bank will act like an incubator for clean energy projects, making underdeveloped areas of clean energy more attractive for private investors.
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US ClimateAction matters indeed for the European Union 's Green Deal and its #Fitfor55 strategy, the world’s most ambitious climate policy, can only succeed when major partners and emitters such as the US follow in the same path, particularly in the present geopolitical state of affairs. Under the IRA bill, $370 bn of climate investments will be allocated to cut US emissions by 40% by 2030.
Don’t miss the online event: “Building the Future: Can clean technologies pave the way for zero-carbon construction?” on September 6th. The event will feature: Jules Besnainou , Director of Cleantech for Europe who will provide opening remarks on the relevance of zero-carbon construction, European Parliament MEPs Sirpa Pietik?inen and Martin Hojsik ík, and @Fulvia Raffelli, Head of Unit, @DG GROW H.1 (Construction).? The event will also feature presentations by multiple European innovators.
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Cleantech for Europe recently published a blog analysing the US and EU investments into climate innovation. Findings reveal that while the US favours financial measures, the EU works primarily with regulations and binding targets. Is the European Union ’s commitment enough to stay a global leader in the space? Read the publication in full in the link below to find out more:??
We hope you enjoyed this thread summary, and that it provided you with key insights. Kindly enter your comments and suggestions in the box below. We invite you to read the group’s next article authored by Cleantech for Europe in two weeks!
Clean Air Task Force?@Jacques Delors Institute?Future Cleantech Architects?EUREC - The Association of European Renewable Energy Research Centres?Negative Emissions Platform?Cleantech for Europe?E3G?BPIE - Buildings Performance Institute Europe?The Good Food Institute Europe?1.5° Ventures?Jeff B.?Breakthrough Energy?Cambridge Institute for Sustainability Leadership (CISL)?EIT InnoEnergy?EIT Urban Mobility?EPICO KlimaInnovation?EUREC - The Association of European Renewable Energy Research Centres?DTU - Technical University of Denmark?Information Technology and Innovation Foundation?Renewable Hydrogen Coalition?SolarPower Europe?WindEurope?Transport & Environment (T&E)