Goldman Sees Biden’s Clean-Energy Law Costing US $1.2 Trillion

The Inflation Reduction Act passed last year is intended to encourage investment in renewable-energy sources and efficiency technology. As such, it’s crucial to one of the Biden administration’s fundamental priorities: decarbonizing the economy to forestall the worst effects of climate change.

Goldman’s analysts estimate that the $1.2 trillion in government outlays will unleash another $3 trillion in investment by businesses and individuals to build and expand climate-friendly ventures.