Search All Site Content

Total Index: 6741 publications.

Subscribe to our Mailing List!

Sign up for our mailing list to keep up to date on all the latest developments.

Korean IRA Investments

Authors: Tom Ramage, Jaehyoung Ju

Passed in August 2022, the Inflation Reduction Act (IRA) incentivizes clean energy investment commitments through a number of green manufacturing and electric vehicle purchase credits, as well as direct funding for projects through the Department of Energy. From its outset, it directed nearly $400 billion in federal funding toward clean energy programs, while McKinsey estimates that the IRA has prompted more than $393.7 billion in investments across a range of energy, manufacturing, and EV/EV battery projects. Our analysis estimates that as a result of IRA incentives for clean energy and EV purchase and manufacturing, including peripheral auto parts facilities for EV manufacturing, Korean companies have committed over $55 billion in private investments in the United States expected to create roughly 70,000 high-paying jobs as a result of the IRA’s incentives.

KEI is registered under the FARA as an agent of the KIEP, a public corporation established by the government of the Republic of Korea.
Additional information is available at the U.S. Department of Justice, Washington, DC.