Fueling Arizona’s Success with Investment Potential
TL/DR –
Arizona is experiencing significant impacts from climate change, such as extreme heat, severe drought, and rampant wildfires. However, the state is also benefiting from federal investments in climate and infrastructure initiatives, receiving $2 billion which has triggered an additional $12 billion in investments towards clean energy projects and jobs. Innovative programs and projects, such as Solar for All and battery manufacturing facilities, are being developed to combat climate change, reduce carbon emissions, and transition towards a clean-energy economy.
Arizona is a vibrant state, known for its diverse natural landscapes, robust economy, and thriving job market. However, it’s also at a crossroads, grappling with climate change and biodiversity loss, requiring immediate action.
In July, we experienced the hottest month on record worldwide. Arizona was no exception, with Phoenix enduring a record 100 days of 100-degree temperatures by early September.
Arizona is a climate change hotspot, facing rising temperatures, historic drought, wildfires, and some of the highest air pollution levels in the US.
Despite these challenges, optimism remains, thanks to federal investments driving new programs to fight climate change, lower carbon emissions, and accelerate the shift to a clean-energy economy.
Since 2021, Arizona has seen $2 billion in federal investments from the Inflation Reduction Act (IRA) and the Infrastructure Investment and Jobs Act (IIJA). These funds have sparked a further $12 billion in investments supporting clean energy projects.
These investments have led to 18,130 new clean energy jobs in Arizona, making it the seventh highest in the US. Consequently, Arizona has introduced innovative programs. For instance, the state received $156 million from the Solar For All program, aimed at improving solar access.
Arizona is rapidly becoming a clean energy hub, leading in electric vehicle (EV) and battery manufacturing, battery recycling, critical minerals, carbon capture, and solar energy.
These sectors are reshaping Arizona, creating high-paying jobs, and investments that drive our economy. For instance, LG Energy Solution plans to set up a $5.5 billion facility in Queen Creek, reflecting the rising demand for EV batteries. Moreover, battery manufacturer KORE Power received an $850 million loan to support the country’s energy transition.
Innovation is also thriving in the region, with the Gila River Indian Community working on an IRA-funded project to install solar panels over canals to generate renewable electricity while reducing water loss and evaporation.
As we face unprecedented investment opportunities, we must continue leveraging them to mitigate climate change impacts and sustain our economy with innovative and sustainable investments.
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