A $50 Billion Investor Says Biden’s Green Law Enriches Middlemen

One of the world’s biggest green investment managers is voicing frustration over some key features of President Joe Biden’s landmark climate law.

Impax Asset Management, which hailed the Inflation Reduction Act as a game changer shortly after it was unveiled in mid-2022, now says the legislation has too many built-in hurdles that are delaying implementation and enriching middlemen while leaving less money for green projects.

Joe Biden at the Flatirons campus of the National Renewable Energy Laboratory, in 2021.

Photographer: Evan Vucci/AP

The IRA’s clean-energy tax credits are an important part of the bill, but they’re also “overly complex from a financial structuring point of view and not lending themselves very well towards a ...