Korean IRA Investments

[vc_row][vc_column][is_wpb_hero template=”/wp-content/themes/is_child/module_templates/hero/keia_interior.php”][/is_wpb_hero][/vc_column][/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1729277874982{margin-top: -20px !important;margin-bottom: 12px !important;}”]Authors: Tom Ramage, Jaehyoung Ju[/vc_column_text][/vc_column][/vc_row][vc_row css=”.vc_custom_1729277061969{background-color: #ffffff !important;}”][vc_column css=”.vc_custom_1729277524266{padding-top: 18px !important;}”][vc_raw_html]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[/vc_raw_html][vc_column_text]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.[/vc_column_text][/vc_column][/vc_row]