Progress on climate technology in the United States is expected to continue regardless of the outcome of next year’s elections, according to investors and developers at the Reuters IMPACT conference. The Biden administration has been focused on climate change and signed the Inflation Reduction Act (IRA) into law last year, providing $370 billion in support for clean technology. Celine Herweijer, Chief Sustainability Officer at HSBC, believes that the current momentum around climate technology will not be dampened by any administration change. She stated, “You are seeing superpowers grappling to be at the center of future clean energy supply chains and that’s going to stay.”
The upcoming U.S. election has seen Republican candidates, including Donald Trump, largely neglecting climate change as an important issue in their campaigns. However, Rhea Hamilton, Managing Director at General Atlantic’s BeyondNetZero team, noted that there were already policies supporting certain climate technologies, such as carbon capture and storage, even before the current administration. Hamilton believes that the private sector’s significant momentum in the market will continue to drive progress in climate technology, regardless of regulatory changes.
Christoph Gebald, co-CEO and co-founder of Climeworks, a company that recently won funding from the IRA, highlighted that their direct air capture technology enjoys bipartisan support. He explained that direct air capture addresses climate concerns, creates jobs, and generates economic value, making it a viable solution that will continue to advance. Direct air capture involves removing carbon dioxide from the atmosphere and storing it underground.
The conference, held in London, also featured a live broadcast of the Road to COP Stage. The event provided insights and discussions on sustainability and climate-related topics. The Reuters IMPACT news page offers viewers access to the live broadcast.
Overall, experts and industry leaders remain optimistic about the future of climate technology in the United States. The significant investment and support from the Biden administration, coupled with the private sector’s commitment, are expected to drive continued progress regardless of potential changes in political leadership. The focus on clean energy supply chains and the bipartisan support for technologies like direct air capture indicate a long-term commitment to addressing climate change in the country.
Original Story at www.reuters.com – 2023-09-07 14:34:47