Biden’s climate law comes under fire

Promising outlook: A generator and its blades are prepared to head to the ocean for the South Sustainability goals: Fork Wind farm from State Pier in New London, Connecticut. The world’s renewable energy grew at its fastest rate in the past 25 years in 2023. — AP

LONDON: One of the world’s biggest green investment managers is voicing frustration over some key features of President Joe Biden’s landmark climate law.

Impax Asset Management, which hailed the Inflation Reduction Act (IRA) 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.