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CERAWeek 2023: Inflation Reduction Act will bring capital to the US, says Petronas CEO – Reuters

Petronas President and Group CEO Tengku Muhammad Taufik Tengku Aziz speaks during a news conference in Kuala Lumpur, Malaysia September 4, 2020. (Lim Huey Teng/Reuters)
Petronas President and Group CEO Tengku Muhammad Taufik Tengku Aziz speaks during a news conference in Kuala Lumpur, Malaysia September 4, 2020. (Lim Huey Teng/Reuters)

Reporting by Gary McWilliams, Reuters

EnergiesNet.com 03 06 2023

The U.S. Inflation Reduction Act’s provisions to spur development of infrastructure to mitigate climate change will attract investment from abroad, Petronas CEO Tengku Muhammad Taufik said on Monday.

Referring to the IRA’s tax credits and funding for developing lower-carbon fuels and burying climate-warming industrial gases, Taufik said the incentives can work.

“The IRA will have will have the effect of really attracting capital back to the U.S. for the reasons and the results that it sort of needs,” he told an audience at the CERAWeek energy conference.

As the development occurs, other countries will have to look at how the investments deliver on carbon reduction and see how they can be emulated elsewhere, Taufik said.

Linde CEO Sanjiv Lamba echoed Taufik’s view, saying the IRA pushed through by U.S. President Joe Biden’s administration “stands out as a landmark legislation in my mind.”

Lamba, whose company is a large producer of hydrogen gas for industrial uses, added that the law “has provided the momentum that was needed” to develop solutions to climate warming.

The European Union in contrast offer a complex policy statement “that we have to work our way through” to achieve a very fragile understanding of what is intended,” Lamba said.

The U.S. IRA had a structure that was simple to understand and led to clear incentives for industry.

Reporting by Gary McWilliams; Editing by David Gregorio

reuters.com 03 06 2023

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