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The views expressed herein do not constitute research, investment advice or trade recommendations, and do not necessarily represent the views of all AB portfolio-management teams and are subject to change over time.
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Source: Resonant Energy and AllianceBernstein (AB)
Renewable energy jobs: In the IRA’s first year, 280 renewable energy projects were announced across 45 US states, representing about $280 billion in new investment, $225 billion of it in Republican districts, according to Goldman Sachs. This could create more than 150,000 new jobs, mostly in states that tend to vote Republican.
Broad regional impact: The law’s potential impact across regions may explain why Republican lawmakers recently urged House leadership to preserve clean energy tax credits if House control changes hands. They’re seen as critical to driving investment as natural gas and coal plants are decommissioned by utilities striving to reach net zero greenhouse gas (GHG) emissions by 2050. Fossil fuel firms have also expressed interest in other projects supported by tax credits, including carbon emissions capture and green hydrogen.
Global disclosure requirements: Even if the SEC climate disclosure rule were repealed, which we don’t think is likely, US companies would still have to comply with mandatory climate disclosure requirements in jurisdictions around the world (Display). Paring back the federal law wouldn’t do the same at the state level. Several states, led by California, require public companies to disclose GHG emissions and climate-related risk.
*Task Force on Climate-related Financial Disclosures, established by the Financial Stability Board
As of August 30, 2024
Source: Bank of America and AllianceBernstein (AB)
The views expressed herein do not constitute research, investment advice or trade recommendations, and do not necessarily represent the views of all AB portfolio-management teams and are subject to change over time.