Study: U.S. will spend $500 billion on climate

By Akash G

In the next decade, the U.S. government will invest more than $500 billion on climate technology and sustainable energy, according to RMI.

This month's Inflation Reduction and CHIPS acts and last year's Infrastructure Investment and Jobs Act are included.

"Together they form a coherent green industrial policy, in the sense that there are strategic industries that they focus on and a set of tools designed to accelerate production up and down the supply chain," said Lachlan Carey, co-author of the report, published on Monday.

The $514 billion total comprises $362 billion from the IRA, $98 billion from the infrastructure act, and $54 billion from the bipartisan CHIPS programme. Congress must enact further legislation to release some of the cash.

CHIPS will fund climate-related materials science activities including developing improved battery chemistry and more efficient solar panels.

Renewable energy is growing, according to U.S. estimates.