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Tool identifies financial incentives for decarbonizing heavy industry, transportation projects

Sustainability

Tool identifies financial incentives for decarbonizing heavy industry, transportation projects

Tax credits from Inflation Reduction Act outlined


By Peter Fabris, Contributing Editor | November 1, 2023
Tool identifies financial incentives for decarbonizing heavy industry, transportation projects
Image: RMI

Rocky Mountain Institute (RMI) has released a tool to identify financial incentives to help developers, industrial companies, and investors find financial incentives for heavy industry and transport projects.

The first iteration of the Decarbonizing Industry Resource Tool (DIRT) is focused on federal incentives and California state-wide incentives. This tool helps identify federal funding opportunities in the steel, cement, aluminum, trucking, shipping, aviation, hydrogen, chemicals, and industrial-use battery sectors.

In order to reduce emissions from heavy industry and meet national climate goals, hundreds of net-zero industrial projects will have to be built, RMI says. The Inflation Reduction Act, signed into law in August 2022, represents the largest investment in decarbonization in U.S. history and offers numerous incentives to encourage cleaner industrial processes.

The bill offers tax credits, bonuses, and stacking rules to spur decarbonization. The RMI tool breaks down these rules to help users understand these incentives.

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