inflation reduction act

President Joe Biden called out Big Pharma’s biggest scam during his State of the Union speech Thursday: charging Americans far more for the same drugs than patients in other countries.  “I’m gonna get in trouble for saying it,” Biden said. “But if any of you want to get into Air Force One with me and fly to Toronto, Berlin, Moscow, excuse me — well, even Moscow, probably — and bring your prescription with you, and I promise you I’ll get it for you for 40 percent the cost you’re paying now. Same company, same…

This article is from The Spark, MIT Technology Review’s weekly climate newsletter. To receive it in your inbox every Wednesday, sign up here. The world is building solar panels, wind turbines, electric vehicles, and other crucial climate technologies faster than ever. As the pace picks up, though, a challenge is looming: we need a whole lot of materials to build it all. From cement and steel to nickel and lithium, the ingredient list for the clean energy transition is a long one. And in some cases, getting our…

RMI, a nonprofit research group focused on clean energy, projects that all the EV provisions within the IRA, which also include subsidies for new charging stations, will spur the sales of an additional 37 million electric cars and trucks by 2032. That would propel EV sales to around 80% of new passenger-automobile purchases. Those vehicles, in turn, could eliminate 2.4 billion tons of transportation emissions by 2040.  In a preliminary economic analysis, Talon said it hoped to dig up more than 140,000 tons of nickel.…

Websites, apps and startups are rushing to track government incentives for climate tech Spend some time with people in the climate tech world and you’ll soon learn that a lot of them share something in common: They’re not used to having a lot of money. That’s because for years, climate represented a cost for many businesses, not an opportunity. Fortunately, that’s started to change recently as investors have rushed into the space, seeking opportunities in “double-digit…

The Biden administration is working on modernizing the country’s oil and gas leasing program. Companies that want to drill on public lands will have to pay higher fees and will have to meet stricter requirements on where they can operate, according to a rule proposed by Department of the Interior onThursday.Why Banning TikTok Won’t Protect Our PrivacySince 1960, the price of lease bonds has been $10,000. The new rule proposes an increase of the minimum lease bond to $150,000, and the minimum statewide bond to $500,000.…

As per the Equitymaster study, EV stocks in the commercial vehicles space include Tata Motors, Olectra Greentech, JBM Auto, Ashok Leyland, SML Isuzu, Eicher Motors, and M&M.The US Treasury Department on Wednesday said it will release guidance next week on sourcing requirements for electric vehicle battery tax subsidies under President Joe Biden's climate change law, the first in a string of highly anticipated rules to determine how broadly the credits can be used. The auto, battery and clean energy industries have…

Mercedes will invest billions of dollars to modernise its plants in China, Germany and Hungary over the coming years, magazine Automobilwoche reported, as the carmaker prepares to switch to electric vehicles and cut emissions.The European Union has set a goal to halve CO2 emissions per passenger car over their life cycle by the end of this decade compared to 2020 and is seeking agreement on a 2035 deadline to end the sale of fossil fuel cars.Mercedes has said it will be ready to go electric by the end of the this decade,…

Last Updated: February 23, 2023, 10:06 ISTImage used for Representation. (Photo: Hyundai)The IRA, signed into law by US President Joe Biden in August, gives up to $7,500 in tax credits to buyers of electric vehicles assembled only in North AmericaHyundai Motor said on Wednesday it has begun production of an electric vehicle (EV) in the US in response to the US Inflation Reduction Act (IRA), which allows no subsidies for imported EVs.On February 21 (US time), the South Korean carmaker started to assemble the Genesis GV70…

Last Updated: February 13, 2023, 14:41 ISTFord India (Photo: Ford Motor Company)This new project is part of Ford's efforts to comply with the rules set by the Biden administration's Inflation Reduction ActGlobal automaker Ford is reportedly planning to announce a new $3.5 billion battery plant in Marshall, Michigan, in the US.According to Automotive News, the automaker will reveal the factory early next week in partnership with China’s Contemporary Amperex Technology (CATL).The CATL produces lithium-iron phosphate…

EV sales have tripled since Biden, a Democrat, took office two years ago, Granholm said. Ratcheting up his criticism, Democratic Senator Joe Manchin on Wednesday moved to delay new tax credits for electric vehicles, a key feature of President Joe Biden's landmark climate law.Manchin said guidelines issued by the Treasury Department allow manufacturers in Europe and other countries to bypass requirements that significant portions of EV batteries be produced in North America.The climate law, officially known as the…