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Goldman Sees Biden’s Clean-Energy Law Costing US $1.2 Trillion

  • Bank’s projection is more than three times government forecast
  • Biden administration seeking to incentivize green projects

US President Joe Biden’s landmark clean-energy law will cost roughly $1.2 trillion — three times more than the official government forecast — and spur trillions more in private-sector investments, according to Goldman Sachs Group Inc. 

The Inflation Reduction Act passed last year is intended to encourage investment in renewable-energy sources and efficiency technology. As such, it’s crucial to one of the Biden administration’s fundamental priorities: decarbonizing the economy to forestall the worst effects of climate change.