The Dangers of Focusing Subsidies on Financing

Daniel Eglabore has famously drawn this spectrum ranging from de-risking to the big green state could you describe that and also evaluate how the IRA fits in. Josh Mason: I think it's a very useful framework but there's a danger that that becomes an excuse or a basis for focusing the subsidies on financing. There's a real difference between subsidizing or supporting an activity and supporting the people who own assets linked to that activity, he says.