Advancing Clean Energy Economy in 2023 and Future
TL/DR –
President Biden’s Investing in America agenda has instigated robust investment in clean energy technologies, according to recent data. Private companies have announced over half a trillion dollars in new investment, including almost $360 billion in clean energy manufacturing, electric vehicles (EVs) and power generation, leading to an unprecedented level of investment in manufacturing facilities. This has substantially accelerated the deployment of clean energy technologies such as solar and wind energy, grid energy storage, and EVs, contributing towards the President’s climate goals by reducing greenhouse gas emissions, improving energy security, and stimulating economic growth.
Investing in America for Clean Energy Growth
The Investing in America agenda, initiated by President Biden in 2021 and 2022, is driving strategic public investments geared towards long-term economic growth. Notably, the agenda includes the biggest investment in reducing carbon emissions in US history. Key components of the clean energy investments, mostly in the Bipartisan Infrastructure Law and the Inflation Reduction Act, include incentives for clean energy manufacturing, investments in demonstration projects, loans guarantees for various technologies, and tax credits for clean energy generation.
Recent data show strong investment in construction of manufacturing facilities in industries like solar and wind energy, grid energy storage, and electric vehicles. More importantly, the Investing in America agenda is directly translating into tangible results and progress towards the President’s climate goals.
Clean Energy Manufacturing Exceeds Predictions
According to a recent issue brief, the Investing in America agenda has incentivized private sector investments, with companies announcing over $360 billion in new investments in clean energy manufacturing, EVs and batteries, and power generation since 2021. One of the first indicators of these investments is the significant increase in construction of manufacturing facilities, marking an unprecedented rise in private sector funding.
Advancing Clean Energy Deployment
The public clean energy investments in the President’s Investing in America agenda are set to trigger unprecedented private sector clean energy deployment. The agenda aims to boost energy generated from clean sources like solar and wind, with the goal of reducing energy costs, improving energy resilience, and cutting greenhouse gas emissions. Significant progress has already been made in expanding U.S. solar and wind manufacturing capacity.
In addition to this, the deployment of clean energy technologies is also expected to increase energy storage on the grid. The Investing in America agenda aims to incentivize private deployment of large-scale energy storage capacity. As a result, grid-connected battery energy storage is expected to more than double in a year, and nearly double again in 2024.
Electric Vehicle Adoption Rises
The large-scale adoption of electric vehicles (EVs), supported by the Investing in America agenda, can lower energy costs, improve air quality, cut emissions and reduce noise pollution. Since the beginning of 2021, firms have announced over US Economic News