Inflation Reduction Act has spurred 100,000 new green jobs so far: Here’s where they are
A quality control worker checks a solar panel at the Hanwha Q Cells solar cell and module manufacturing facility in Dalton, Georgia, on Thursday, Oct. 6, 2022.
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Since President Joe Biden signed the historic Inflation Reduction Act into law last August, companies have announced more than 100,000 clean energy jobs across the country, according to a report by the nonprofit Climate Power.
As of the end of January, companies have announced more than 90 new clean energy projects in small towns and larger cities in the U.S., totaling $89.5 billion in new investments, the report found. The wind, solar and EV manufacturing sectors are creating the new positions, which include electricians, mechanics, construction workers and technicians.
Most of the jobs are located in Arizona, Georgia, Michigan, Ohio, South Carolina, Tennessee and Texas.
The IRA is the biggest climate bill ever passed by Congress and provides $369 billion in funding for initiatives like cutting emissions, manufacturing clean energy products and advancing environmental justice initiatives. The bill also includes tax credits for zero-carbon energy production.
The bill’s climate provisions are also projected to cut domestic carbon emissions by about 40% by 2030. Early in his presidency, Biden pledged to reduce U.S. emissions from 2005 levels at least in half by 2030 and achieve net-zero emissions by 2050.
Plans include 40 new battery manufacturing sites in states like Arizona, Michigan and South Carolina, according to Climate Power. So far, 22 companies have unveiled plans for new or expanded EV manufacturing in Alabama, Oklahoma and Michigan. And an additional 24 companies have released plans to expand wind and solar manufacturing in Colorado, Ohio and Texas.
The legislation is projected to create more than 9 million clean energy and climate-related jobs over the next decade, according to an analysis by the Political Economy Research Institute at the University of Massachusetts Amherst.
“Businesses are investing in manufacturing like never before, and planning to create good paying jobs in every corner of the country,” Lori Lodes, executive director of Climate Power, said in a statement.
“This is only the beginning — we’re months after the passage of the Inflation Reduction Act and we’re already at the precipice of a renewed manufacturing, Made in America boom that will create opportunities for millions of Americans,” Lodes said.
Tesla’s Q2 results are in, and they are way, way down from Q2 of 2024. At the same time, Nissan seems to be in serious trouble and the first-ever all-electric Dodge muscle car is getting recalled because its dumb engine noises are the wrong kind of dumb engine noises. All this and more on today’s deeply troubled episode of Quick Charge!
We’ve also got an awesome article from Micah Toll about a hitherto unexplored genre of electric lawn equipment, a $440 million mining equipment deal, and a list of incompetent, corrupt, and stupid politicians who voted away their constituents’ futures to line their pockets.
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OpenAI is distancing itself from Robinhood‘s latest crypto push after the trading platform began offering tokenized shares of OpenAI and SpaceX to users in Europe.
“These ‘OpenAI tokens’ are not OpenAI equity,” OpenAI wrote on X. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”
The company said that “any transfer of OpenAI equity requires our approval — we did not approve any transfer,” and warned users to “please be careful.”
Robinhood announced the launch Monday from Cannes, France, as part of a broader product showcase focused on tokenized equities, staking, and a new blockchain infrastructure play. The company’s stock surged above $100 to hit a new all-time high following the news.
“These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle,” a Robinhood spokesperson said in response to the OpenAI post.
Robinhood offered 5 euros worth of OpenAI and SpaceX tokens to eligible EU users who signed up to trade stock tokens by July 7. The assets are issued under the EU’s looser investor restrictions via Robinhood’s crypto platform.
“This is about expanding access,” said Johann Kerbrat, Robinhood’s SVP and GM of crypto. “The goal with tokenization is to let anyone participate in this economy.”
The episode highlights the dynamic between crypto platforms seeking to democratize access to financial products and the companies whose names and equity are being represented on-chain
U.S. users cannot access these tokens due to regulatory restrictions.
Despite the warnings, BYD continues introducing new discounts. On Wednesday, BYD’s luxury off-road brand began offering over 50% Huawei’s smart driving tech.
BYD introduces new discounts on smart driving tech
After BYD cut prices again in May, the China Automobile Manufacturers Association (CAMA) warned that the ultra-low prices are “triggering a new round of price war panic.”
Although they didn’t single out BYD, it was pretty obvious. BYD slashed prices across 22 of its vehicles by up to 34%, triggering several automakers to follow suit in China.
BYD’s cheapest EV, the Seagull, typically starts at about $10,000 (66,800 yuan). After the price cuts, the Seagull is listed at under $8,000 (55,800 yuan).
It doesn’t look like China’s EV leader plans to slow down anytime soon. Fang Cheng Bao, BYD’s luxury off-road brand, introduced new discounts on Huawei’s smart driving tech on Wednesday.
The limited-time offer cuts the price of Huawei’s Qiankun Intelligent Driving High-end Function Package to just 12,000 yuan ($1,700).
Buyers who order the smart driving tech in July will save over 50% compared to its typical price of 32,000 yuan ($4,500).
Earlier this year, Fang Chang Bao launched the Tai 3, its most affordable vehicle, starting at 139,800 yuan ($19,300). The Tai 3 is about the size of the Tesla Model Y, but costs about half as much.
The Tai 3 will spearhead a new sub-brand of electric SUVs following the more premium Bao 8 and Bao 5 hybrid SUVs.
BYD’s luxury off-road brand sold 18,903 vehicles last month, up 50% from May and 605% compared to last year. Fang Cheng Bao has now sold over 10,000 vehicles for three consecutive months.
The Chinese EV giant sold 382,585 vehicles in total in June, an increase of 12% from last year. In the first half of the year, BYD’s cumulative sales reached over 2.1 million, a YOY increase of 33%.
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