The $700 billion package includes massive investments in new climate initiatives, such as rebate programs for energy-efficient appliances and retrofits, production tax credits and provisions for battery and solar cell manufacturers, and notably for automakers, tax credits for new and used electric vehicles. “Now that we have $370 billion coming from the Inflation Reduction Act, we expect it to continue to accelerate the growth of electric vehicles and really help companies across the value chain from car manufacturers to battery makers to lithium suppliers and parts that it’s all involved in electric vehicles to take advantage of that account,” Jay Jacobs, BlackRock’s head of thematic and active U.S. equity ETFs, said in an interview with Yahoo Finance Live. “We think we’re going to see a real rising tide for the entire electric vehicle industry.” Electric car charging Jacobs manages a series of ETFs under the iShares umbrella, which BlackRock owns. Among them is the iShares Self-Driving Ev and Tech ETF (IDRV), which invests in the entire value chain of electric and autonomous vehicles. Jacobs believes ETF offerings in the space are the best way for investors to gain exposure to the industry because there are some smaller companies and foreign companies that stand to benefit from the IRA in addition to big names like Ford (F), the GM (GM). ) and Tesla (TSLA). “So I think it’s really going to be felt across the value chain. I mean, this is the birth of a new industry. This is a revolution in transportation,” says Jacobs. “It’s not going to be one winner, we think there will be many winners in this space and it will expand beyond passenger vehicles. We’re going to get into trucks, we’re going to get into alternative forms of transportation. Looking past transfers, Jacobs noted that the “global clean energy chain in general” would benefit tremendously from the implementation of the IRA. The story continues In that time Jacobs said clients are interested in the iShares Clean Energy ETF (ICLN) because the companies held by the ETF will benefit from the IRA’s focus on providing production tax credits for making things like solar panels and wind turbines. The ETF also owns utilities, which will implement new clean technologies and generate electricity using solar and wind power, as well as hydrogen and other forms of clean energy incentivized by the IRA. — Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and Instagram. Read the latest financial and business news from Yahoo Finance Download the Yahoo Finance app for Apple or Android Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn and YouTube