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Speaker 1: From Bloomberg News and iHeartRadio. It's the big take. I'm

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Speaker 1: Westcsova today. How's all that money Joe Biden got for

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Speaker 1: green projects being spent?

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Speaker 2: Democrats are claiming victory this weekend after finally getting their

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Speaker 2: healthcare and climate package through the Senate. Known as the

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Speaker 2: Inflation Reduction Act, the bill aims to reduce inflation while

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Speaker 2: encouraging greener industries to develop.

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Speaker 1: It was a big deal last summer when the President

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Speaker 1: signed the Inflation Reduction Act, which includes hundreds of billions

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Speaker 1: of dollars to slow climate change and speed America's transition

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Speaker 1: to clean energy. Less than a year later, that money

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Speaker 1: is already being put to use in all kinds of ways.

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Speaker 1: But ye might not be able to see it unless

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Speaker 1: you know where to look. Fortunately, I'm here with a

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Speaker 1: couple of people who do. Climate reporter Eric rostin the.

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Speaker 3: Wind doesn't always blow and the sun doesn't always shine,

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Speaker 3: and we need a place to park our electrons when

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Speaker 3: we're not using them.

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Speaker 1: And senior reporter akshat Rati, who's also host of our

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Speaker 1: brilliant sister podcast Zero. It's all about the tactics and

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Speaker 1: technologies taking us to a world of zero emissions.

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Speaker 4: There are these sets of technologies, which you can call

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Speaker 4: as enabling technologies, which work across multiple different economic sectors.

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Speaker 4: Hydrogen is one of them, Batteries is the other.

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Speaker 1: And a little later in the show, Bloomberg Green, reporter

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Speaker 1: Zara Hirgee tells us how this massive cash infusion is

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Speaker 1: starting to appear in our day to day lives.

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Speaker 2: In the coming year, there's just going to be more

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Speaker 2: and more money available that people can claim to help

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Speaker 2: make the transition in their own homes and their own

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Speaker 2: cars and their own lives to a cleaner, more climate

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Speaker 2: friendly life.

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Speaker 1: Eric, we all heard a lot about the Inflation Reduction

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Speaker 1: Act when it was passed. It was a really big deal,

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Speaker 1: and we haven't heard that much about it since then.

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Speaker 1: Can you tell us what exactly all that money is

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Speaker 1: now going for.

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Speaker 3: There's two baskets of things. One of them is probably

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Speaker 3: more familiar than the other. The main association people will

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Speaker 3: have with clean energy is wind power, solar power, onshore wind,

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Speaker 3: offshore wind electric vehicles that line the streets in some

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Speaker 3: parts of the country. And there's a lot of money

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Speaker 3: and a lot of incentive now for states and communities

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Speaker 3: and people to go out and buy those things and

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Speaker 3: deploy them even at a faster rate than they already

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Speaker 3: have been. Another big part of it is the up

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Speaker 3: and coming technologies that people are less familiar with. These

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Speaker 3: are infrastructure technologies, things that if this is all successful,

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Speaker 3: we may never see them because they're just going to

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Speaker 3: keep the lights on, but just do it with different

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Speaker 3: kinds of technology. And there's some really exciting, really science

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Speaker 3: fiction like technologies that are out there starting to thrive.

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Speaker 1: Actually, one thing you write is that, like Eric said,

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Speaker 1: wind and solar, these are things that have been around

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Speaker 1: for a long time, but now the Inflation Reduction Act

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Speaker 1: is really funding things that are much more difficult. Kind

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Speaker 1: of like the hard part absolutely.

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Speaker 4: I mean, we think about the emissions pie. Only about

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Speaker 4: a quarter of emissions, roughly speaking, comes from electricity. The

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Speaker 4: other three quarters comes from other stuff. So you've got

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Speaker 4: another quarter from transport, another quarter from industry, and another

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Speaker 4: quarter from agriculture. Now the actual numbers may vary from

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Speaker 4: country to country, but you know, that's a really good

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Speaker 4: shotcut to have in the brain. So what do you

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Speaker 4: do with the other three quarters? And that's where the

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Speaker 4: hard stuff comes in. Pick industry, cement, just the chemical

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Speaker 4: process itself produces carbon dioxide regardless of whether you use

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Speaker 4: fossil fuels or not. And so in the Inflation Reduction

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Speaker 4: Act there are incentives for a technology called carbon capture,

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Speaker 4: and we've had that technology for quite some time, but

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Speaker 4: it just never got the momentum that it has got

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Speaker 4: under the Inflation Reduction Act. And that's going to make

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Speaker 4: a real difference in the emissions profile we're going to

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Speaker 4: see in the coming future, because that's the emissions profile

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Speaker 4: which we've not been able to really reduce.

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Speaker 2: Eric.

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Speaker 1: How is the Inflation Reduction Act doing what Akshat is saying,

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Speaker 1: How is that money helping this in.

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Speaker 3: The most direct way? It is backing companies and initiatives

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Speaker 3: and research in some of these very difficult but extremely

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Speaker 3: necessary technologies, just like the one that akshot described. But

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Speaker 3: there's a fuzzier and possibly more important effect of all

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Speaker 3: this as well, and that is the largest economy in

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Speaker 3: the world saying we are open for business like this

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Speaker 3: is what we're going to do for a living now,

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Speaker 3: and the soft power of the mere existence of a

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Speaker 3: bill like this will have, you know, incalculable influence.

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Speaker 1: Actually, you mentioned concrete as one concrete example of a

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Speaker 1: way that you can reduce the carbon effects of a

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Speaker 1: really important component of just building. What are some of

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Speaker 1: the other hard things that the Inflation Reduction Act is

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Speaker 1: trying to fund.

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Speaker 4: Another one is hydrogen. This is sort of the fuel

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Speaker 4: of the future that's been talked about for quite some time.

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Speaker 4: It's a fuel that burns without producing any carbon dioxide emissions.

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Speaker 4: If you're able to produce hydrogen without any corbon dioxide

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Speaker 4: emissions attached to it. So far that hydrogen came from

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Speaker 4: natural gas, which is where the carbon dioxide problem comes from.

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Speaker 4: But if you make it from water and renewable electricity,

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Speaker 4: you get this fuel that can be used for lots

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Speaker 4: and lots of things. So we're making steel green, making

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Speaker 4: fuels like biofuels without the use of carbon from fossil fuels,

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Speaker 4: being able to store renewable electricity in the form of

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Speaker 4: hydrogen just in tanks so that you can burn it

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Speaker 4: when you really need it. There are these sets of

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Speaker 4: technologies which you can call as enabling technologies, which work

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Speaker 4: across multiple different economic sectors. Hydrogen is one of them.

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Speaker 4: Batteries is the other, and that is also getting a

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Speaker 4: real boost, not just the traditional lithium ion batteries that

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Speaker 4: we know about, but also unconventional ideas which are going

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Speaker 4: to be necessary because we need lots and lots of

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Speaker 4: cheap batteries to be able to build the grid of

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Speaker 4: the future. Think about the grid as a series of

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Speaker 4: pipes without a tank, which is weird because that means

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Speaker 4: if anybody turns their tap on, somebody has to turn

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Speaker 4: a pump on to make sure that the water reaches

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Speaker 4: them at that instant.

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Speaker 3: The idea that we've never really been able to store

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Speaker 3: electricity is actually we could have used it. You know,

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Speaker 3: every summer, the hottest week of the year, people inevitably

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Speaker 3: use more air conditioning, and the strain on the electrical

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Speaker 3: grid and the power plants is tremendous. And so what

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Speaker 3: happens is we have special power plants that we turn

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Speaker 3: on only for like the hottest weeks of the year

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Speaker 3: and their dormant basically the rest of the year. So

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Speaker 3: like that's how we've been doing storage, right, We've been

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Speaker 3: storing entire electricity production facilities. So batteries may have been useful,

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Speaker 3: you know, at some point before now, but now they

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Speaker 3: are absolutely instrumental. The wind doesn't always blow and the

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Speaker 3: sun doesn't always shine, and we need a place to

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Speaker 3: park our electrons, but we're not using them.

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Speaker 4: And so to be able to do that you need batteries.

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Speaker 4: But those batteries currently are lithium ion batteries, and these

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Speaker 4: are great. They work in electric cars, they might even

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Speaker 4: power flying cars. But to be able to use them

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Speaker 4: on the grid is sort of wasting a really valuable resource.

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Speaker 4: And you electricity will get very expensive if you use

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Speaker 4: too much of it. So under the Inflation Reduction Act,

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Speaker 4: there are incentives for these new age technologies, one of

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Speaker 4: which is this company called Form Energy, which is building

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Speaker 4: a seven hundred and sixty million dollar factory to build

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Speaker 4: a battery made from rust, which may sound weird, but

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Speaker 4: actually rust itself the process of making it, going from

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Speaker 4: iron to rust is a chemical reaction that produces energy.

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Speaker 4: Form Energy has figured out how to use that energy

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Speaker 4: in the form of electricity, and once you do that,

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Speaker 4: you get a battery where the process of rusting creates energy,

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Speaker 4: and when you want to store energy, you just unrust

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Speaker 4: the battery back to iron. And they have gone on

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Speaker 4: and built this megafactory because there is just so much

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Speaker 4: demand for their product.

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Speaker 1: And you talk to Form Energy CEO Mateo Haramio on

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Speaker 1: your podcast zero. Here's a bit of what he had

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Speaker 1: to say about the project.

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Speaker 5: It will look like shipping container is sitting in a field.

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Speaker 5: That's really what it will look like. Not exactly. Sort

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Speaker 5: of a charismatic megafauna power project, if you will, But

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Speaker 5: in order to get to the cost targets that we're

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Speaker 5: going after, sort of can't afford to look like much.

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Speaker 1: Eric, you right, that the money the government spends is

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Speaker 1: then multiplied when companies use it to develop these technologies,

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Speaker 1: so the government dollars are actually worth more, potentially a

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Speaker 1: lot more.

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Speaker 3: The three hundred and seventy four billion dollar estimate that

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Speaker 3: we've been kicking around since August is limited, and that

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Speaker 3: it doesn't take into account what the rest of the

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Speaker 3: economy may do. It's worth taking a step back for

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Speaker 3: a second. And like governments, the US government in particular,

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Speaker 3: tends not to lead national conversations, right. And one thing

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Speaker 3: that's laid the groundwork for the IRA is the vast

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Speaker 3: number of people in parts of the economy that are

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Speaker 3: already trying to do these things. So the IRA is

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Speaker 3: met by people who were expecting it, or at least

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Speaker 3: wishing for it. And what that means is like that

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Speaker 3: original three hundred and seventy four billion dollars that the

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Speaker 3: Congressional Budget Office projected that this legislation would be worth

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Speaker 3: is going to be met in the real world by

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Speaker 3: armies of people who are ready to maximize its potential.

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Speaker 3: And Credit Suisse has looked at the same numbers and

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Speaker 3: has concluded that the actual amount that the US government

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Speaker 3: is going to spend is considerably more, possibly twice as much.

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Speaker 3: And then they took it a step further and found

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Speaker 3: that the private sector is likely to spend another eight

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Speaker 3: hundred billion dollars or so, because these provisions send a

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Speaker 3: message of confidence to the whole economy that the US

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Speaker 3: government is behind these initiatives in dollar and in spirit.

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Speaker 1: When we come back, how climate tech is fast becoming

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Speaker 1: one of the engines powering the US economy ark shot

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Speaker 1: right before the break, Eric was talking about how the

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Speaker 1: US spending this money signals for a private industry that

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Speaker 1: this is a good bat, that there is a bright

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Speaker 1: future here and it's backed up by the US. And

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Speaker 1: really the Inflation Reduction Act wasn't the first money being

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Speaker 1: spent on this. They were really kind of following on

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Speaker 1: a movement that had picked up a lot of speed.

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Speaker 4: Already, absolutely true. If anything, the US has led to

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Speaker 4: the party. The real front runner on spending on clean

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Speaker 4: energy is China, which might seem art given it is

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Speaker 4: also the largest emitter by a massive margin, but China

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Speaker 4: over the past decade has taken a lead on pretty

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Speaker 4: much every green technology solar wind batteries, of course, but

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Speaker 4: also more recently they've built a lot of hydrogen. They've

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Speaker 4: built a lot of electric cars, the voting those electric

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Speaker 4: cars outside of China in large numbers now and then

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Speaker 4: Europe took notice of what China is doing and jumped

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Speaker 4: in with what is called the Green Deal, which you know,

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Speaker 4: in the European version takes a few years because it's

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Speaker 4: a bureaucratic nightmare to get legislation through, but it's another

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Speaker 4: five hundred billion euros worth of spending that is coming

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Speaker 4: to support all these kinds of technologies, not just the

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Speaker 4: old renewable technologies but also these advanced carbon free technologies

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Speaker 4: that are going to be necessary to meet climate goals.

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Speaker 4: And just to take a step back, all of this

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Speaker 4: is happening because of the Paris Climate Agreement, which set

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Speaker 4: the goal for the world to reduce emissions and to

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Speaker 4: do it at pace, and all the countries have agreed

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Speaker 4: to do it. Now we are finally starting to see

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Speaker 4: after eighty years, that that money is going toward the

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Speaker 4: thing that needs to be done.

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Speaker 3: It's not just that China is the leader who were

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Speaker 3: trying to catch up to. China is eighty to ninety

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Speaker 3: percent of this entire conversation. They make something like ninety

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Speaker 3: percent of the anodes that go into lithium batteries, They

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Speaker 3: make seventy five percent of other key battery components, They

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Speaker 3: make eighty to ninety percent of the materials involved in solar.

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Speaker 4: So China is making, as Eric said, all these green

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Speaker 4: technologies and at scale. What Europe and America need to

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Speaker 4: do is really catch up and make sure that the

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Speaker 4: jobs of the future aren't lost all to China. They

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Speaker 4: need to build local capacities for these green technologies. And

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Speaker 4: we've entered this period of competition among the large powers

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Speaker 4: on green stuff, which hadn't happened so far. You know,

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Speaker 4: there was this warm, fuzzy feeling around the Paris Agreement

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Speaker 4: that we will all come together and work together, and

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Speaker 4: that's great, and that needs to happen. But the world

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Speaker 4: that we are used to is a world of competition,

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Speaker 4: and with these big, large legislations both in America in Europe,

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Speaker 4: that competition has become real.

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Speaker 1: And Eric, we've seen a huge amount of venture capital

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Speaker 1: flowing into this space. Can you describe what it's going

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Speaker 1: to and who's behind it?

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Speaker 3: Yes, there's just a I don't even know what the

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Speaker 3: right metaphor is, an archipelago, a you know, a cheering section,

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Speaker 3: a mob of venture capitalists who some of them are new,

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Speaker 3: some of them are you know, the oldest hands in

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Speaker 3: Silicon Valley, and they have very much internalized what climate

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Speaker 3: change must mean for investment patterns and for the development

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Speaker 3: of new technologies. So you have everyone from Kleiner Perkins

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Speaker 3: probably you know, one of the most famous VC firms

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Speaker 3: that was at the beginning of Google and much of

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Speaker 3: the rest of the tech economy. You know, you also

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Speaker 3: have people who have been working on this for many years,

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Speaker 3: often alone and without much fanfare. Energy Impact Partners is

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Speaker 3: one of those who have emerged as a leader in

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Speaker 3: the space because the space itself is finally reaching the

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Speaker 3: big time. Last year there was seventy billion dollars in

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Speaker 3: VC investment in the climate tech space, and we expect

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Speaker 3: to see that only rise in the next few years.

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Speaker 4: And it's also happening at a time when VC investments

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Speaker 4: in all types of other tech is actually declining. So

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Speaker 4: climate tech has emerged as this continuing to be the

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Speaker 4: bullish bet in an economy which is generally turning sour.

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Speaker 3: This is not necessarily software that we're dealing with. These

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Speaker 3: are science experiments and infrastructure that require a level of

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Speaker 3: scientific savvy and investigation that is not typical to the

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Speaker 3: Silicon Valley software economy. And it's just very interesting to

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Speaker 3: watch all these smart firms bulk up with the expertise

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Speaker 3: they need to make these investments, making sure they're picking

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Speaker 3: out product they really have a potential to change the world.

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Speaker 1: Actually, that's a really interesting point when you talk to

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Speaker 1: the people who are behind this money, what are they saying, like,

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Speaker 1: why are they going all in on decarbonization.

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Speaker 4: We think of the climate tech economy as a climate

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Speaker 4: tech economy, but actually what these VC firms are betting

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Speaker 4: is that it's the new economy. That's how the world

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Speaker 4: is going to be run in the future. Just think

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Speaker 4: of energy, the fossil fuel industry, which is how most

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Speaker 4: of our energy came from still does. It's a ten

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Speaker 4: trillion dollar worth of industry and depending on your year

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Speaker 4: when oil prices are high, probably a twenty trillion dollar economy.

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Speaker 4: That is the kind of potential that these new technologies

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Speaker 4: are going to fill up, and that's a big honeypot

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Speaker 4: for investors who can think smart, bet the right ideas

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Speaker 4: and build the sort of companies that are going to

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Speaker 4: replace the EGX on mobiles of the world. The way

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Speaker 4: VC makes money is that they make many, many bets,

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Speaker 4: and most of them are going to fail, but there'll

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Speaker 4: be these spectacular victories which are going to make for

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Speaker 4: much of the return of how the fund is created.

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Speaker 4: But in doing so, in those failures they do advanced

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Speaker 4: technologies which eventually will pay off. And so the VC

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Speaker 4: money is a crucial aspect of how to develop a

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Speaker 4: new technology. But obviously these are funds that are looking

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Speaker 4: for returns, and they're making bets that will generate returns.

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Speaker 3: It's worth taking a step back and recognizing something fundamental.

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Speaker 3: There's just no getting around that the economy develop with

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Speaker 3: certain stable expectations of what local temperatures are and where

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Speaker 3: shorelines are, and how powerful storms get and so yes,

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Speaker 3: there is that saving the world mentality. Yes, it's the

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Speaker 3: right thing to do. There's just more and more recognition

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Speaker 3: that we need to change the economy to fit the world.

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Speaker 3: At this point, it's less let's save the world and

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Speaker 3: let's save the economy because the world is going to

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Speaker 3: keep on changing and we need an economy that can

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Speaker 3: thrive under new circumstances. The good news is that we

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Speaker 3: know how to do it, you know. I mean, watching

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Speaker 3: this space for a long time is Aukshad and I have.

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Speaker 3: It seemed for a long time that we need a

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Speaker 3: million miracles to beat climate change. And the astounding thing

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Speaker 3: is that, like just in the last five years, we

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Speaker 3: got like a thousand of them, you know, and like

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Speaker 3: not even everybody's working on it yet. So there is

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Speaker 3: real momentum here and real optimism that we can make

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Speaker 3: a dent in this global problem. And since we know

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Speaker 3: what to do, we know what the technologies are that

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Speaker 3: we need, all we need to do is the work.

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Speaker 3: That's what climate change comes down to now is like

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Speaker 3: you want a thriving economy, this is what we got

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Speaker 3: to do. We got to replace a billion machines in

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Speaker 3: thirty years. So all of this complexity we're talking about,

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Speaker 3: the changing markets, the government policies, the money that's coming

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Speaker 3: from all sectors. It just comes down to this.

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Speaker 1: All we need to do is the work. Akshat, Eric,

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Speaker 1: thanks so much for coming on the show.

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Speaker 4: Thank you, thanks for having us.

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Speaker 1: After the break, how this surge of government cash for

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Speaker 1: clean tech may already be working its way into your life.

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Speaker 1: The Inflation Reduction Act also has a lot of money

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Speaker 1: in it that will more directly apply to consumers. I

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Speaker 1: asked Member Green Reporters Zara Hirjee to tell us what

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Speaker 1: we'll start seeing from it in our everyday lives.

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Speaker 2: One really good place to start is with electric vehicles.

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Speaker 2: This guidance just got released on exactly what type of

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Speaker 2: electric car can qualify for these new seven five hundred

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Speaker 2: dollars tax credits. I knew once the Climate Bill was

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Speaker 2: signed into law last year that these new electric vehicles,

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Speaker 2: some of them but not all of them, would qualify.

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Speaker 2: So over time, the number of electric vehicles that can

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Speaker 2: qualify for this type of text credit, because this isn't

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Speaker 2: the only year that it will be in effect, will

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Speaker 2: ideally go up as more processes like manufacturers change their

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Speaker 2: supply chain, But right now it is a pretty limited scope.

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Speaker 2: It's only ten electric vehicles.

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Speaker 1: It's not just that the administration wants these manufacturers to

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Speaker 1: make electric vehicles in America, right it's that they're creating

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Speaker 1: new standards that make it less desirable to build gasoline

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Speaker 1: power cars so that the automakers transition to making electric

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Speaker 1: cars instead.

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Speaker 2: Yeah, a big part of this administration is trying to

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Speaker 2: shift our economy to rely on these kind of greener

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Speaker 2: technologies as well as making it easier and more affordable

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Speaker 2: for people then to be able to buy and partake

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Speaker 2: in those technologies. So the electric vehicle tax credits are

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Speaker 2: just one of the tax credits or kind of consumer

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Speaker 2: incentives that are built into the IRA. There are a

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Speaker 2: host of them. They're going to be rebates and other

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Speaker 2: kind of ways in which you can directly see a

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Speaker 2: reduction on your bills for purchasing, say a heat pump,

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Speaker 2: which is an electric way of heating or cooling your home,

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Speaker 2: or making other upgrades to your home that make it

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Speaker 2: more energy efficient. We don't have all of the guidances

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Speaker 2: yet and exactly what we'll qualify and how much money

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Speaker 2: you can get because it's a federal law, but some

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Speaker 2: of this money is going to be distributed at the

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Speaker 2: state level, and we're waiting on the state to kind

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Speaker 2: of come out with those guidance. But in the coming year,

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Speaker 2: there's just going to be more and more money available

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Speaker 2: that people can claim to help make the transition in

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Speaker 2: their own homes and their own cars and their own

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Speaker 2: lives to a cleaner, more climate friendly life. The White

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Speaker 2: Houses set this highly ambitious goal of having electric vehicles

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Speaker 2: make up fifty percent of new car sales by twenty thirty.

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Speaker 2: Here at Bloomberg, we have this research arm B and

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Speaker 2: EF that tracks some of these trends, and even the

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Speaker 2: most aggressive transition that they've seen doesn't necessarily hit that.

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Speaker 2: This is even more ambitious than what people are projecting

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Speaker 2: could happen. So it's a bold goal. But they're also

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Speaker 2: taking so many steps to do that, and the text

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Speaker 2: credits are just one small slice of that. In addition,

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Speaker 2: they also are proposing new regulations on tailpipe emissions, basically

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Speaker 2: saying that in the future, new cars that hit the

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Speaker 2: road have to have a lot less pollution coming out

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Speaker 2: of their tailpipes than they do today. And people are

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Speaker 2: saying that the only way to hit these new stands,

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Speaker 2: wid admittedly aren't law yet. Their proposals would be to

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Speaker 2: have a mostly electric vehicle fleet, So basically, we need

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Speaker 2: electric vehicles. This is just one more tool in which

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Speaker 2: they're pushing everyone from the car manufacturers to consumers to

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Speaker 2: switch to electric vehicles.

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Speaker 1: You mentioned that how we hit our homes is going

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Speaker 1: to change also under this plan. Can you talk about

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Speaker 1: why that is.

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Speaker 2: Yeah, So when we think about needing to bring down

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Speaker 2: our missions, that is really tied to our use of

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Speaker 2: fossil fuels, and we use fossil fuels in pretty much

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Speaker 2: every way we live, and a big part of that

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Speaker 2: is at home, in heating our home and the type

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Speaker 2: of equipment that we use in our home. Now, I

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Speaker 2: live in a home that is powered by natural gas.

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Speaker 2: That's what heats and cools my home, and a lot

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Speaker 2: of people in America do. But there are ways too

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Speaker 2: cool and heat your home electrically, and one of those

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Speaker 2: tools is a heat pump, which is not a new technology,

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Speaker 2: it's something that's been getting a lot of attention, so

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Speaker 2: to help heat the home. It has technology that takes

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Speaker 2: heat from the atmosphere as warm air and then naturally

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Speaker 2: moves it towards the cold parts in your home, and

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Speaker 2: then it can actually do the opposite if you're using

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Speaker 2: it for cooling your home as well. And the nice

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Speaker 2: thing about a heat pump is it's actually really efficient,

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Speaker 2: so in the long run it could save you money.

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Speaker 2: Now there are eye upfront costs. It's not a cheap technology.

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Speaker 2: But again that's one of the things that this new

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Speaker 2: climate law is hoping to address is by offering some incentives,

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Speaker 2: financial incentives to help people feel like it is something

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Speaker 2: that they can afford to do. So already there is

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Speaker 2: a two thousand dollars tax credit for purchasing a heat

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Speaker 2: pump in your home, and then they're going to be

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Speaker 2: additional money that will be delegated out through the state

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Speaker 2: that again we're waiting on some state level guidance that

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Speaker 2: should be ready by the end of twenty twenty four.

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Speaker 2: That will just be another pocket of money to help

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Speaker 2: support that transition.

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Speaker 1: Let me ask you about one other thing that we're

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Speaker 1: going to be seeing is also another vehicle, and that's

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Speaker 1: school buses.

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Speaker 2: Yes, So the thing about both the twenty twenty one

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Speaker 2: Infrastructure Law and then also the twenty twenty two Climate

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Speaker 2: Law is they're pushing transformation across the entire transportation sector,

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Speaker 2: and in some cases the two bills are working together

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Speaker 2: with overlapping sets of money to really push this transformational change.

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Speaker 2: One case is this school bus. You can think about

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Speaker 2: the iconic yellow school bus. Most of the school buses

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Speaker 2: on the road today are run on diesel, and that's

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Speaker 2: a fossil fuel and also creates air emissions and pollution

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Speaker 2: that pose a threat to kids health. In the twenty

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Speaker 2: twenty one Infrastructure Law kind of delegated five billion dollars

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Speaker 2: to the EPA to kind of prop up a new

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Speaker 2: clean school bus program. Now that program doesn't just fund

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Speaker 2: electric vehicles, but it's sort of turning out to be

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Speaker 2: that case in reality. So last year they offered their

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Speaker 2: first close to a billion dollars in rebates to schools

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Speaker 2: looking to update their school bus fleet, and most of

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Speaker 2: those applications were to purchase new electric school buses, which

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Speaker 2: again are just a much cleaner, quieter, and healthier type

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Speaker 2: of transportation to take kids of all ages to school.

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Speaker 2: And then on top of that, you're then going to

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Speaker 2: have the IRA with its various electric vehicle tax credits

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Speaker 2: and talking to people make king school buses and working

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Speaker 2: to help kind of get electric school buses out into

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Speaker 2: the world. They think that they will be able to

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Speaker 2: take advantage of those tax credits as well, and that's

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Speaker 2: a big deal because an electric school bus can be

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Speaker 2: up to four hundred thousand dollars, if not more, and

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Speaker 2: that could be four times as expensive as a diesel

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Speaker 2: school bus. This will help school districts be able to

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Speaker 2: start to afford adding electric school buses into their fleet.

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Speaker 1: Zara, thanks for coming on the show.

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Speaker 2: Thanks so much for having me.

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Speaker 1: Thanks for listening to us here at The Big Take.

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Speaker 1: It's a daily podcast from Bloomberg and iHeartRadio. For more

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Speaker 1: Email us questions our comments to Big Take at Bloomberg

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Speaker 1: dot net. The supervising producer of The Big Take is

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00:27:53,359 --> 00:27:58,159
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00:27:58,200 --> 00:28:03,040
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