Posted on 07/20/2023 5:17:25 AM PDT by NautiNurse
The 2022 climate law unleashed a torrent of government subsidies to help the U.S. build clean-energy industries. The biggest beneficiaries so far are foreign companies.
The Inflation Reduction Act has spurred nearly $110 billion in U.S. clean-energy projects since it passed almost a year ago, a Wall Street Journal analysis shows. Companies based overseas, largely from South Korea, Japan and China, are involved in projects accounting for more than 60% of that spending. Fifteen of the 20 largest such investments, nearly all in battery factories, involve foreign businesses, the Journal’s analysis shows.
These overseas manufacturers will be able to claim billions of dollars in tax credits, making them among the biggest winners from the climate law. The credits are often tied to production volume, rewarding the largest investors.
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At least 10 of the projects representing nearly $8 billion in investments included in the Journal’s analysis involve companies either based in China or with substantial ties to China through their core operations or large investors.
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“We must be assured that these taxpayer dollars are not being funneled to the Chinese,” said Cathy McMorris Rodgers (R, Wash.), chair of the House of Representatives committee on energy and commerce, during a June hearing.
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(Excerpt) Read more at wsj.com ...
As bed as depending on OPEC nations for oil is/was...it'd be worse to depend on China in the Dim dystopian "net zero" future.
Agree.
Biggest winner is Swift boat Rear Admiral John F’ing Kerry. He has a 16 million dollar budget and won’t name who else works for him as the Czar. He has been on the take since Viet Nam where he won his purple heart along with Blumenthal.
John F’n Kerry couldn’t be president, but he is milking the U.S. taxpayers at every turn. Vengeance.
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