Biden’s big, bold green spend sends shockwaves around the world, including Canada – by Kyle Bakx (CBC News Calgary – March 8, 2023)

Green energy investment could pour into the U.S. from around the globe

U.S. President Joe Biden’s climate bill is only six months old, but its impact on the energy industry around the world continues to grow as pressure mounts on countries to offer similar subsidies toward green energy or risk losing out on valuable investment dollars.

The Inflation Reduction Act (IRA) is a multi-billion-dollar program that pledges government dollars toward developing low-carbon energy. The policy is aimed at boosting the country’s manufacturing sector and takes aim at China’s dominant position in the clean energy technology supply chain.

The legislation is regarded as the most ambitious climate bill ever passed in the U.S. Still, the IRA could force governments around the world, including Canada, to introduce their own sweeping series of subsidies and have a much larger impact on climate change.

It’s a big wake-up call for world leaders, said Marcel van Poecke, chairman of energy at Carlyle, a global investment firm based in Washington, D.C. “That is going to be very, very powerful, and in Europe, people are shocked, but I think it’s exactly what we need,” he said while on stage at CERAWeek, an energy conference in Houston.

For the rest of this article: