Countries that don’t emulate the US and provide financial incentives to kick-start renewable energy projects risk missing out on billions of dollars of investment, the global boss of UK-listed engineering group John Wood has warned.
The US act, which provides billions of dollars in grant and loan programs to spur investment in clean energy projects as well as tax breaks, has had a “huge impact”, giving US projects that may previously have been considered borderline access to capital, Mr Gilmartin said. He is in Australia this week, travelling to Sydney, Melbourne, Brisbane and Perth to meet local staff and Australian institutions.Some 2500 of Wood’s 36,000 employees globally are based in Australia, which contributed $US332 million of revenue in calendar 2022 to the company’s $US5.4 billion in group revenue. The biggest contributor is the US, following Wood’s $US2.7 billion purchase of Amec Foster Wheeler in 2017.