Senate Democrats have passed a bill that will see hundreds of billions of dollars dedicated to clean energy sources, super-charging the U.S transition away from fossil fuels.
While it’s not winning prizes for its catchy name, the Inflation Reduction Bill represents the biggest investment in clean energy sources in U.S. history. The climate portion alone is set to shake up the nation’s climate and industrial policy for the next few decades with a US$369 billion budget that shows they mean business.
The dollars raining down will be dedicated to developing technologies such as carbon capture and sequestration, hydrogen and small nuclear reactors that are key in the U.S. reaching net-zero emissions by 2050.
While we’re talking big numbers, here are a few more: this bill will more than triple the clean power production across the nation, adding an additional 550 gigawatts of electricity from wind, solar and the other usual suspects. According to the American Clean Power Association, that’s enough to power 110 million homes.
New industry and new technology equals new jobs: if you’re on the hunt, check for openings in the green energy and carbon reduction sectors. They’ll be hiring.
Hydrogen has been a hot topic for a while now, and is likely to be hotter since the world’s largest-ever green hydrogen production deal was inked. Plug Power, a leading provider of hydrogen fuel cell turnkey solutions, announced it would be supplying 20 tonnes of green hydrogen a day to Walmart – the world’s largest retailer.
This deal, coupled with the Inflation Reduction Bill, soaring fossil fuel prices and reduced renewable energy expenses is putting alternative energy stocks on a trajectory to the moon. Get on board with hydrogen stocks, solar or wind stocks, battery stocks or energy storage stocks and buckle up, because this ride is going to be fast, and a whole lot of fun.