“If you look at the economic returns on a project in the US... it’s just straight economics,” said Fortescue Future Industries director Guy Debelle.
The Biden administration’s flagship green energy policy, the Inflation Reduction Act, is creating an uneven playing field for investment and luring more capital to US projects at the expense of other markets such as Australia, according to Fortescue Future Industries director Guy Debelle.also expressed concern that “there’s an incentive to wait” when it comes to domestic decarbonisation and the preference for purchasing carbon credits.
“So in my mind, I think that does require a policy response here in Australia. In an ideal world, we could say comparative advantage, job done. But that’s not the world we’re in.”to reduce emissions by 50 per cent by 2030 with the passing of the Inflation Reduction Act bill last year. There is also a risk that despite Australia’s “great comparative advantage in green energy”, the US and Middle East “are going to eat our lunch in places like Korea and Japan”.
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