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Oil companies line up for billions of dollars in subsidies under US climate law

Inflation Reduction Act’s tax credits include technologies favoured by fossil fuel sector

An ExxonMobil oil refinery in Louisiana. The company says low carbon businesses require ‘world-scale’ projects © Kathleen Flynn/Reuters
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Oil companies line up for billions of dollars

An oil industry that opposed President Joe Biden’s signature climate law is now manoeuvring to claim billions of dollars of US tax credits established by the legislation.

The Inflation Reduction Act, passed in 2022, aims to slash greenhouse gas emissions by supercharging clean energy industries. Its $369bn in climate provisions has sparked new investments in renewable power generation and in manufacturing everything from electric vehicle batteries to solar panels.
https://www.ft.com/content/28b3a8d9-9c5f-4578-a6c6-7b848b3fe700