From funding to jobs, here's what the climate bill means for greentech startups and investors
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Last weekend, the Democrats managed to do what once seemed like an impossible task: they got the Senate to pass a landmark $750 billion bill.
While the historic Inflation Reduction Act is yet to be approved by The House, it is poised to be the largest federal investment ever toward addressing climate change, and is being heralded as a huge victory among companies at the intersection of technology, energy, and the environment.
If passed today, it would invest $369 billion in clean energy and climate-change programs over the next 10 years among other tax incentives to spur more Americans to adopt renewable energy. And that would translate into not just more jobs, but more growth among startups across everything from solar power to electrification.
Under the climate bill, for example, $9 billion will be funneled into consumer home energy rebate programs, benefiting startups in areas like home electrification and geothermal energy. It’s no wonder then that Ryan Bevans , Sealed’s VP of operations, noted on LinkedIn how he was excited for what lay ahead.?
It also has provisions for households to get a tax credit of up to 30% of the price of a home improvement project geared at increasing energy efficiency. Moreover, these incentives will last for a decade, which could encourage more venture capital money being poured into climate tech and clean energy, as Fast Company reported.?
“I spent time this summer learning about inspiring #climate tech startups that are tackling some of the toughest climate challenges with clean carbon-negative #cement ( Brimstone ), improved #solar efficiency through #perovskites ( Swift Solar ) and geothermal/heat pumps ( Dandelion Energy ),” wrote energy and climate policy executive and advisor Anne Hoskins . “So excited about the potential for these technologies to take off and make a huge impact as the IRA takes effect.”
Another key focus of the bill is electrification, as the US tries to curtail its dependence on China on semiconductor batteries. And while that might take time, it’s still good news for startups making related tech like vehicle charging infrastructure, even if the automakers are unhappy.
Ultimately, as this op-ed in The New York Times noted, energy and environmental experts are giddy over the accomplishment. And the markets also seem to be lapping it up, with several related companies' stocks as well as exchange-traded funds making gains after the bill was passed by the Senate.?One big hiccup: how companies will fill some 900,000 jobs a year that the bill is expected to create over the next decade.?
To readers, what else could this funding mean for tech startups in this space? And what are some possible speed bumps? Join the conversation here.?
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Chief Engineeer for the Chelsea Soldiers Home,Chelsea, Ma.
2 年I refuse to kneel at the altar of the. Climate Change God it is a joke
Retired at Ray Miller's place
2 年I feel that people rethink their ideas on climate change. We need to follow the science and not the politics on this subject. This issue was initiated by a politician and not a scientist. I have had great success in blowing holes in the present climate theory. There is no substance to the theory and is easily torn apart. We need real study on the environment and less propaganda. One thing people need to understand is that we have no actual control over our surroundings. As the Law of Conservation states, " For every action we take, nature will cause an equal and opposite reaction ". There is nothing we can do to control the environment and we're foolish to even try. Again, we need real research so we don't destroy ourselves. We can't destroy the environment because we have no control over it.
Experienced Solutions Architect and Technical Trainer with over 25 years working with customers to bring emerging technologies to market.
2 年So excited to see where this goes. As a grandfather this gives me hope for our future. Education, in the broadest sense, we are counting on you to educate the workforce of the future.
Retired
2 年It’s another bad bill from this dictatorship government. Thay are not going to save this world by not using what was given to to use. Greed and more greed.
Partner
2 年Let’s talk in 10 years to see how this really plays out.