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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Global disclosure requirements: Even if the SEC climate disclosure rule were repealed, which we don’t think is likely, US companies would still have to comply with mandatory climate disclosure requirements in jurisdictions around the world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.
Xiaoyu Gu is a Vice President and Managing Director for AB CarVal, where she is responsible for clean energy investments in North America. Prior to joining AB CarVal in 2013, Gu worked at Credit Suisse. She holds a BA from Harvard College, an AM from Harvard Kenneth C. Griffin Graduate School of Arts and Sciences, an MBA from Harvard Business School and a JD from Harvard Law School. Location: Minneapolis
Kent Hargis is the Chief Investment Officer of Strategic Core Equities. He created the Strategic Core platform and has been managing the Global, International and US Strategic Core portfolios since their inception in 2011. Hargis has also been Portfolio Manager for the Global Low Carbon Strategy Portfolio since 2022. Previously, he managed the Emerging Portfolio from 2015 through 2023. Hargis was global head of quantitative research for Equities from 2009 through 2014, with responsibility for directing research and the application of risk and return models across the firm’s equity portfolios. He joined AB in 2003 as a senior quantitative strategist. Prior to that, Hargis was chief portfolio strategist for global emerging markets at Goldman Sachs. From 1995 through 1998, he was assistant professor of international finance in the graduate program at the University of South Carolina, where he published extensively on various international investment topics. Hargis holds a PhD in economics from the University of Illinois, where his research focused on international finance, econometrics and emerging financial markets. Location: New York
Kathleen Dumes is a Vice President and Research Analyst on AB’s Responsible Investing Portfolio Solutions and Research team. In this role, she develops strategies and tools for equity and fixed-income teams, including integrating ESG considerations throughout the teams’ research, engagement and investment processes. Previously, Dumes was a research analyst on the Fixed Income Responsible Investing team. Prior to that she served as a portfolio analyst on the Global Multi-Sector Portfolio Management team, where she was responsible for the management and strategy implementation of the firm’s income-oriented credit strategies. Prior to joining the multisector team, Dumes was an associate portfolio manager on the Investment Grade Credit team, focusing on Global and US Credit portfolios. Before joining AB in 2015, she was an investment consultant at Bank of America Merrill Lynch in their Institutional Investment Strategy Group. Dumes holds a BS in finance (summa cum laude) from The College of New Jersey and an MBA with honors from The University of Chicago Booth School of Business. She is a CFA charterholder. Location: New York
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