US Economy Will Suffer If IRA Repealed, Solar Maker CEO Says
- Climate law has spurred manufacturing jobs, Enphase head says
- Company’s shares fall after reporting disappointing guidance
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The head of solar equipment maker Enphase Energy Inc. said eliminating the clean-energy incentives in President Joe Biden’s signature climate legislation would be bad for the US economy.
Former US President Donald Trump has promised to end what he has called the “Green New Scam” on the campaign trail, a reference to Biden’s climate initiatives. However, a full repeal of the Inflation Reduction Act, which provides hundreds of billions of dollars in tax credits and other incentives for clean energy projects, would require approval by Congress, where it’s supported by Democrats and some Republicans.