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  "documentTitle": "JPM Corp Fin Advisory Corporate Compass Jan 2024",
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      "text": "Energy transition equity valuations are down significantly as firms recalibrate to a higher cost of capital environment, despite more than $1trn of potential spending upside in the IRA",
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      "text": "ESTIMATE OF IRA SPENDING OVER THE NEXT DECADE ($BN)",
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      "text": "The energy transition sector exemplifies a capital-intensive and capital-markets reliant sector caught by high interest rates. Policy tailwinds such as the Inflation Reduction Act (“IRA”) support upside potential for those taking longer term views in the industry, but plans need to be revisited to reflect the current cost of capital reality",
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      "text": "Total IRA Spending: $1.102tn",
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      "text": "Source: FactSet; 1 Data from 01/01/2023 to 12/01/23; constituents per JPMorgan; 2 Data from 12/01/2023 to 12/31/2023; constituents per JPMorgan; 3 Congressional Budget Office estimate and Senate Estimate as of 08/16/2022 + Upside modeled by Penn Wharton Budget Model, ‘Budgetary Cost of Climate and energy provisions in the Inflation Reduction Act’, April 2023",
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      "text": "Energy transition valuations highlight the challenge of capital-intensive investment in a higher rate environment, even with policy support",
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