Energy and raw materials are not scarce in any fundamental sense. The earth receives more energy from the sun in one hour that our entire civilization consumes in one year. Within the planet’s crust and oceans there are trillions of tons of almost every element we need.

As any new technology like solar, wind and batteries become more capable, public acceptance grows and shifts from skepticism to enthusiasm. A decade ago, we could not imagine we would have the green energy tools we have today with solar, wind and battery technologies. So as the cost and capability of the new technology improves, it attracts more investment. If the technology is able to scale as all three of these are able to do, the cost of implemention comes down, and it’s usage increases. At the same time, the older technologies os oil, coal and gas begin to decline.

It’s hard to remember the name of this law, because it actually doesn’t have anything to do with inflation but everything to do with addressing the climate crisis. The Inflation Reduction Act (IRA) is the largest investment in clean energy in the history of the world. It is the first significant exceleration towards a pathway to netzero, as it is designed to decarbonize the US economy, shore up supply chains, and reduce dependence on China.