{"id":300607,"date":"2024-02-07T19:29:08","date_gmt":"2024-02-07T18:29:08","guid":{"rendered":"https:\/\/climatescience.press\/?p=300607"},"modified":"2024-02-07T19:29:11","modified_gmt":"2024-02-07T18:29:11","slug":"chinese-solar-companies-are-gearing-up-to-cash-in-on-bidens-signature-climate-bill","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=300607","title":{"rendered":"Chinese Solar Companies Are Gearing Up To Cash In On Biden\u2019s Signature Climate Bill"},"content":{"rendered":"\n
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From The Daily Caller<\/a><\/p>\n\n\n

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NICK POPE<\/a><\/p>\n\n\n\n

CONTRIBUTOR<\/p>\n\n\n\n

Chinese solar manufacturers are building factories in the U.S. to reap American subsidies created by the Inflation Reduction Act (IRA), President Joe Biden\u2019s signature climate bill, according to The Wall Street Journal.<\/p>\n\n\n\n

Companies based in China are responsible for about 25% of the 80 gigawatts in new solar manufacturing capacity announced in the U.S. since the IRA became law in August 2022 and established robust tax credit programs to incentivize domestic green energy production, according<\/a> to the WSJ. Assuming that the factory construction and expected outputs announced by these China-based solar companies stay on schedule, they could reap a combined $1.4 billion worth of value from IRA subsidies each year.<\/p>\n\n\n\n

The fact that China-based companies could capture IRA subsidies contradicts one of the key goals of the IRA, which was to serve as a key tool for developing a domestic green energy supply chain, according to the WSJ. The Chinese companies using subsidiaries or partnerships to get in on the IRA subsidies include\u00a0LONGi<\/a>\u00a0and Trina Solar.\u00a0(RELATED: Chinese Solar Companies Have Been Dodging Tariffs, Biden Admin Says)<\/a><\/strong><\/p>\n\n\n\n

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Leon Panetta Says China Could Use Dem-Backed Battery Factory To Spy On America https:\/\/t.co\/vmSnfa3j9w<\/a><\/p>— Daily Caller (@DailyCaller) February 2, 2024<\/a><\/blockquote>