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Winners and losers abound as cut inflation act becomes law – TechCrunch


President Joe Biden today signed the Climate and Energy Focused Inflation Reduction Act, a turn of events that just months ago seemed impossible. This decision will undoubtedly strengthen the position of the United States in the next round of climate negotiations. And by the end of the decade, the law is expected to cut the country’s emissions by 40 percent from 2005 levels. That’s enough to put the country within reach of reductions that could limit warming to 1.5 degrees Celsius.

As with all legislation, there are winners and losers. In the new law, climate technology is a clear winner, with provisions that will boost renewable energy, net zero buildings and zero emissions transportation.

But details matter and some sectors have performed better than others. Here’s a look at which companies stood to benefit and which ones didn’t get what they expected.

The winners

At or near the top of the list are renewable energy developers. Before the Cut Inflation Act was passed, the solar and wind energy tax credits were going to expire at the end of 2024. Now they’re a bit softer and extended to 2032 For developers like Terabase, which recently raised a round of $44 million. by Breakthrough Energy Ventures and Arcadia, which recently closed a $200 million Series E round, it will be a godsend.

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