It’s coming…
www.theatlantic.com
If the bill’s passage wasn’t signal enough, the report shows that climate change as a political issue—and frankly environmental protection more broadly—has arrived to a wholly new place. For decades, the country’s biggest climate advocates have tried to reduce the harm that the economy causes to the environment. Now they find themselves tasked with the biggest story in the economy itself.
Perhaps most strange, even if the United States slips into recession in the next year, the IRA will only become more important. Historically, economists and businesses have treated helping the environment as a product of prosperity—if the economy is good, then companies can afford to do the right thing. But the IRA’s programs and incentives will keep flowing no matter the macro environment, which makes betting on clean energy one of the most certain economic trends of the next few years. Clean energy is now the safe, smart, government-backed bet for conservative investors. It’s really a shocking reversal of the past 40 years. It is such a change that it hasn’t yet been metabolized by the world of people involved in the issue.
So inspired by the vigor of Credit Suisse’s forecast, let me venture a few predictions of my own. The number of Americans working in a climate-relevant industry is going to explode. It is going to undergo what you might call a techification. I was a nerd and a dreamer in high school in the late aughts, which meant I paid attention to the start-ups of that era—such as Twitter, Facebook, and Flickr—in their early years. I remember that fateful moment around 2010 when the valence of the industry switched—it was right around when The Social Network came out—and working in tech went from being a career choice for dorky optimists to the default career track for many ambitious college students. A similar switch is coming for companies working on climate change: The opportunity will be too large, the money too persuasive, the problems too intriguing.
The Climate Economy Is About to Explode
A new report suggests that the Inflation Reduction Act could be even bigger than Congress thinks.
If the bill’s passage wasn’t signal enough, the report shows that climate change as a political issue—and frankly environmental protection more broadly—has arrived to a wholly new place. For decades, the country’s biggest climate advocates have tried to reduce the harm that the economy causes to the environment. Now they find themselves tasked with the biggest story in the economy itself.
Perhaps most strange, even if the United States slips into recession in the next year, the IRA will only become more important. Historically, economists and businesses have treated helping the environment as a product of prosperity—if the economy is good, then companies can afford to do the right thing. But the IRA’s programs and incentives will keep flowing no matter the macro environment, which makes betting on clean energy one of the most certain economic trends of the next few years. Clean energy is now the safe, smart, government-backed bet for conservative investors. It’s really a shocking reversal of the past 40 years. It is such a change that it hasn’t yet been metabolized by the world of people involved in the issue.
So inspired by the vigor of Credit Suisse’s forecast, let me venture a few predictions of my own. The number of Americans working in a climate-relevant industry is going to explode. It is going to undergo what you might call a techification. I was a nerd and a dreamer in high school in the late aughts, which meant I paid attention to the start-ups of that era—such as Twitter, Facebook, and Flickr—in their early years. I remember that fateful moment around 2010 when the valence of the industry switched—it was right around when The Social Network came out—and working in tech went from being a career choice for dorky optimists to the default career track for many ambitious college students. A similar switch is coming for companies working on climate change: The opportunity will be too large, the money too persuasive, the problems too intriguing.
