A pair of things crossed my screen that together show the growing economic effect of low-carbon tech — and the tricky domestic politics of energy transition.
Why it matters: The economic weight of low-carbon energy is coming into focus, but the political picture remains hazy.
Driving the news: A fresh International Energy Agency analysis finds that last year, a subset of "clean" energy added about $320 billion to the world economy.
- IEA looked at investment in manufacturing in wind, solar and battery supply chains; deploying various forms of "clean" power; and sales of EVs and heat pumps.
The big picture: These sectors accounted for 6% of U.S. GDP growth in 2023, comparable to the "booming, artificial-intelligence-driven digital economy," IEA finds.
Yes, but: New polling suggests that the vigorous White House sales pitch for one of its major policies — the 2022 climate law — may be struggling for traction.
- A plurality report not knowing enough to say whether the IRA is good or bad for the economy, workers, or the climate, per the AP and the University of Chicago survey.
- The law's tax breaks for EVs, green appliances and more have more support than opposition, but, again, uncertainty overwhelms both.
- And 56% say the federal government does too little on climate.
Catch up quick: A recent WSJ piece explored the hurdles to getting voters psyched about Biden's climate investments — and efforts to change the equation.
- Meanwhile, Donald Trump and other Republicans hope to make Biden's energy policies an electoral liability.
- They're more focused on Biden's sticks than carrots, calling policies like vehicle emissions rules and the LNG permit pause economically harmful.
The latest: The White House on Friday unveiled details on nearly $2 billion in IRA-funded tax credit awards for "clean" manufacturing projects nationwide.
- It's part of a wider investment-focused pitch.
