Energy Transition Legal Market Trends in the United States of America
Energy transition is without a doubt the hottest topic in America today – with the federal government in the driving seat, the USA is looking to hit Paris Climate targets, increase energy security and drive economic growth. Learn more with Chambers USA below.
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Following hot on the heels of the Bipartisan Infrastructure Law, The Inflation Reduction Act has kicked US efforts in Energy Transition into high gear. IRA Tax credits, grants and loans to the tune of $400 billion have been made available for clean energy initiatives and projects of all sizes.
As part of our research into Energy Transition, Chambers has spoken with Oil & Gas majors and traditional energy companies, renewable energy producers and clean tech businesses, all manner of financing parties and a plethora of other market participants all looking to take advantage of the federal incentives. In the words of a Chambers interviewee:
“The IRA, simply put, is turbocharging the decarbonization of the entire industry.”
Impetus isn’t entirely driven by the federal government, market commentators report that for the:
“First time we’ve seen major alignment between customer demand for cleaner energy and synchronicity of policy.”
Individual consumers and large corporate clients with high energy demands are actively interested in pursuing greener solutions, incentivised by ESG requirements and political pressure, many large corporations are looking to “green” their operations through the entire value chain.
The combination of political will, corporate incentive, and consumer pressure is rapidly transforming the USA into a leader in Energy Transition and climate-reform.
Indeed, particularly areas like hydrogen development, where the USA had been lagging behind Europe, it is now surging ahead in the sector.
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