Most government subsidies being used to help the United States build clean-energy industries are going to foreign corporations.
Thanks in part to the passage of President Joe Biden's so-called landmark legislation, the Inflation Reduction Act (IRA), nearly $110 billion in American clean-energy projects have passed since last year.
But an analysis by the Wall Street Journal notes that more than 60 percent of the IRA subsidies for these projects are going to companies based overseas, largely from South Korea, Japan and China.
Of the 20 largest such investments, nearly all of which are electric vehicle battery factories, 15 almost entirely or partially involve foreign businesses. (Related: THIS DOESN'T ADD UP: Joe Biden gives auto companies BILLIONS in taxpayer dollars while auto worker wages are getting CUT IN HALF.)
The Wall Street Journal investigated roughly 210 clean-energy projects and company initiatives that were spurred by the IRA. Of these, only about 140 disclosed investment amounts – which gave a rough total of $110 billion in investments.
The largest project involving only American corporations, headed by North Carolina-based semiconductor manufacturer Wolfspeed, was able to rake in $5 billion in investments. It is followed by Tesla, which is building an electric vehicle battery manufacturing factory in Nevada.
In contrast, two of the largest projects involving mostly or solely foreign corporations are worth $5 billion or more – LG Arizona's $5.6 billion and Hyundai and SK Georgia's $5 billion investments, both of which are for electric car and battery manufacturing factories.
These overseas corporations will be able to claim billions of dollars more in taxpayer-funded tax credits, making them the biggest winners from the Inflation Reduction Act. These tax credits are often tied to production volume, rewarding the largest investors.
Foreign corporations could end up receiving over a trillion in tax credits
The IRA is set to provide corporations with green energy projects an additional $1.2 trillion in tax incentives and loans for the next 10 years, in exchange for an estimated $3 trillion in total clean-energy investments.
Biden himself touted the law as a plan to build up American green energy industries "with American companies" and bolster the country's ability "to compete with China for the future."
But at least 10 of the projects – amounting to around $8 billion of the $110 billion in announced investments – involve companies either based in China or with substantial ties to China through their core operations or major investors, putting into question Biden's claims.
One such project, led by Ford, is a $3.5 billion battery factory in Michigan being built with technology and expertise from Chinese battery manufacturer CATL. Another is a $2.4 billion battery-component factory being built by the Chinese Communist Party-controlled corporation Gotion.
Perhaps worse yet, many American corporations seem supportive of foreign companies coming into the U.S. to set up green energy ventures.
"It's a testament to the fact that we still live in a globalized economy," said Aniket Shah, head of environmental, social and corporate governance strategy at investment bank Jefferies. "You can't just out of nowhere put up borders and say, 'It has to be made in America by American companies.'"
Learn more about government-funded "climate change mitigation" projects and proposals at GreenTyranny.news.
Watch this clip from the "War Room" on Real America's Voice as host Steve Bannon discusses how the Biden administration enriched themselves and put foreign nations first.
This video is from the News Clips channel on Brighteon.com.
More related stories:
Sources include:
Please contact us for more information.