Inflation Reduction Act: How the climate law set a 'trillion-dollar shift' for EVs into motion

The largest climate investment in US history has dramatically reshaped the EV landscape. One year ago, President Biden signed the Inflation Reduction Act (IRA) into law, which set aside roughly $400 billion in federal funding for clean energy. Since then, carmakers and suppliers have announced more than $62 billion in investments in EVs, according to Bank of America research. New clean energy projects announced have resulted in more than 86,000 reshoring and foreign direct investment manufacturing jobs while jobs related to EVs grew by 27%, more than 17 times that of gasoline and diesel vehicle jobs, according to data compiled…