An analysis by the non-profit RMI found that over the next 10 years, the U.S. government will spend more than $500 billion on climate technology and clean energy. This is because of three new laws.

This month's Inflation Reduction and CHIPS acts and last year's Infrastructure Investment and Jobs Act are included. Together, they promote climate-related research and production.

They create a coherent green industrial policy in that they focus on critical industries and have capabilities to speed up production up and down the supply chain, said report co-author Lachlan Carey

The $514 billion sum comes from the IRA, the infrastructure act, and the bipartisan CHIPS programme. To release part of the money, Congress must pass more legislation.

The analysis does not take into account any increased spending on climate-related issues pertaining to agriculture or land.

The CHIPS bill, for example, will pay for climate-related work in materials science, like making batteries and solar panels that work better.

The federal government will spend 15 times more on climate and renewable energy over the next five years than in the 1990s and early 2000s, according to a research.

Estimates from the U.S. government show that renewable energy is becoming a bigger part of how things are made.

Climate action must speed quickly, study authors warned. "We can't afford a long procedure. We have 10 years, but solar and wind took 40 "co-author Jun Shepard stated.