"We're investing $50m. We're adding 200 union jobs to create what will be the largest onshore wind-and-cell facility in the US. General Electric is an important employer for the Schenectady area, and frankly, depending on what chapter, over the last 20 years, one in which we've been reducing jobs, not adding jobs." Scott Strazik CEO GE Vernova
"Developers are listening. They understand that because of these tax credits, they can actually thrive in the US. They can make the profits there. It will have an impact on global trade. It does look protectionism. It is clearly designed to shift production from foreign places to America. And that's ultimately what a lot of protection is designed to do. 30 years of American economic policy heading in one direction. Now American policy is about re-industrialising its heartlands even if that means shutting off cheap supplies from elsewhere. It is a fundamentally different approach." Derek Brower US Political News Editor Financial Times
"We're in conversation with our allies and friends and trading partners, executed a critical minerals agreement with Japan. We have a free trade agreement with Canada and Mexico.
We have a free trade agreement with Korea which permits them to take advantage of some of the provisions of the IRA. We're in deep conversation about doing a critical minerals agreement with Europe. What the Inflation Reduction Act has demonstrated to countries around the world, that they can be part of the solution too. They can make those investments." John Podesta Head of Clean-Energy Provisions Inflation Reduction Act
Our view
The Inflation Reduction Act is, in essense, the US breaking away from its 30 years policy of globalisation and moved towards 'Green Nationalism'. It is a major shift in economic as well as green policies as it moves towards the re-industrialisation of the US infrastructure and renewable energy. It has gathered a bipartisan consensus even from Republicans who hadn't supported it in the past. We believe, the next 12 months, we will see more States and companies adopting the inward investment into renewable energy.
This is a 9-part Series. The next part will be on 'How the Inflation Reduction Act changed the world'.
For the full video from FT REPORT, please click below.
Here's our other post of the Inflation Reduction Act.