(Bloomberg) — One of the world’s biggest green investment managers is voicing frustration over some key features of President Joe Biden’s landmark climate law.
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Impax Asset Management, which hailed the Inflation Reduction Act as a game changer shortly after it was unveiled in mid-2022, now says the legislation has too many built-in hurdles that are delaying implementation and enriching middlemen while leaving less money for green projects.
The IRA’s clean-energy tax credits are an important part of the bill, but they’re also “overly complex from a financial structuring point of view and not lending themselves very well towards a replicable, scalable system,” according to Charlie Donovan, senior economic adviser at Impax.
The upshot is the US has “set that whole system up to be dependent upon a few industries of which the banking industry is one,”…
