Tracking the flow of clean-energy investment

Renewable energy projects such as solar and wind have drawn the bulk of climate tech investment dollars across the U.S. and abroad since President Biden signed the Inflation Reduction Act, according to data from S&P Global.

Zoom in: Renewables is the least risky of the areas for climate tech investing. And the check sizes for these assets tend to be large, especially in offshore wind.

Of note: The lines between where the U.S. and the rest of the world are spending on climate tech run parallel.

• The IRA's 45X tax credit, for example, introduced an incentive for advanced manufacturing in the U.S., fueling a new race between countries rushing to build solar, wind and battery components within their borders.
• "The provision will pay OEMs to make things for the first time since WWII," Overture VC managing partner Shomik Dutta tells Axios, referring to the tax credit's impact on manufacturers like automakers.

What we're watching: There's been a steady drumbeat of funding announcements related to hydrogen development. We'll see whether and how that sector accelerates.