I support the macro view that we need an industrial decarbonization policy. The problem the IRA is trying to solve is that the market is not ready to pay for the value of the carbon reductions that come from the types of technologies being supported through the IRA. We could make net-zero cement, for example, today with carbon capture and storage, but the market would not pay for the increased costs of that cement at a magnitude that would be capable of justifying the investment.
There are a number of things we could do to close that gap. I think the production subsidies the IRA introduces are certainly one powerful mechanism. Another one would be procurement. Governments can play a leading role in helping to procure the lower-carbon goods made with these technologies and therefore start to incubate a sustainable market response.