Renewable energy sector-related exchange traded funds could benefit from President Joe Biden’s proposed infrastructure spending plan.
Biden has outlined a $2.3 trillion infrastructure plan that would expand subsidies to the renewable energy sector and address key bottlenecks impeding the shift to a green energy grid, the Wall Street Journal reports.
Specifically, the plan would create new tax credits to support the construction of high-voltage transmission lines, a major hurdle in the expansion of renewable energy. Additionally, it includes a proposed 10-year extension of wind, solar, and battery tax credits, which are currently set to expire in coming years.
Tax credits have “been very effective at reducing costs for wind and solar, and they could do the same for transmission,” Trey Ward, chief executive of Direct Connect Development Co., told the WSJ. “It is very simple: If you want more renewables, you need more transmission.”
Arabesque lands big industry names for sustainability, AI expansion
ipe.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ipe.com Daily Mail and Mail on Sunday newspapers.
Outgoing UN Pension CIO Lands His Next Gig
institutionalinvestor.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from institutionalinvestor.com Daily Mail and Mail on Sunday newspapers.