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A partnership between the French energy management company Schneider Electric and utility firm Engie is showing the positive environmental impacts of tax incentives found in the U.S. Inflation Reduction Act. This partnership could provide a positive model, incentivizing CFOs and finance departments from large firms to further renewable energy.
The Inflation Reduction Act allows companies that are developing clean energy projects to sell the tax incentives from these projects to other companies. The companies that buy the tax credits may be larger, and therefore better equipped to benefit from these incentives. Additionally, money from these federal incentives can be reallocated towards other clean energy projects. Provisions from the Inflation Reduction Act helped to clarify this process, making it easier and more advantageous for a larger group. The partnership between Schneider Electric and Engie is one of the first to take large-scale advantage of this new system.
Engie is building four large-scale renewable energy products in Texas. However, they will sell the tax credits that they are entitled to as a result of these products to Schneider Electric. Using the savings from these tax credits, Schneider Electric will then buy more renewable energy credits. This will help to increase the amount of renewable energy that is being utilized on the grid.
This partnership helps create a blueprint as to how companies can make sustainability profitable. Schneider Electric hopes that its partnership with Engie will act as a case study. They then will be able to assist other companies with carrying out similar deals.
Schneider Electric has committed to achieving net zero emissions across its operations by 2030. Projects such as their partnership with Engie help to further their goals of decarbonization.
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