CERAWEEK-Inflation Reduction Act will bring capital to the US -Petronas CEO
HOUSTON, March 6 (Reuters) - The Inflation Reduction Act designed to spur develop of U.S. climate-mitigation infrastructure will attract investment from abroad to the United States, Petronas CEO Tengku Muhammad Taufik said on Monday.
Referring to the IRA's funding and tax credits for developing lower-carbon fuels and burying climate-warming industrial gases in underground facilities, Taufik said the Biden administration 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. (Reporting by Gary McWilliams)