The IRA, which was approved by the U.S. Senate and is winding its way through the U.S. House before final sign-off by U.S. President Joe Biden, provides US$369bn of tax incentives and other policies targeting green investments and energy security. Even before it is signed into law, it has affected investment behaviour.

“This bill provides a big shot in the arm of decarbonisation of industry, from how power is generated to how it is consumed,” said Keith Russell, a Director at global mining consultancy Partners in Performance.