Joe Biden checks his notes during a joint press conference with Australian Prime Minister Anthony Albanese in the White House Rose Garden. / IMAGE: The White House via YouTube ( Dmytro “Henry” Aleksandrov , Headline USA ) It was recently reported that Chinese solar manufacturers started building factories in the United States to reap American subsidies created by the Inflation Reduction Act (IRA), Joe Biden’s signature climate bill.
According to the Wall Street Journal , after the IRA became law in August 2022, Chinese-based companies became responsible for about 25% of the 80 gigawatts of new solar manufacturing capacity in the U.S. In addition to that, robust tax credit programs to incentivize domestic green energy production were established.
These China-based solar companies could potentially reap a combined $1.4 billion worth of value from IRA subsidies each year if the factory construction and expected outputs that were announced by the companies […]
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