This Week in Climate & Clean Energy Wins: Week of 11/18:

See our state by state breakdown here.

$13 Billion$70 million350,000
The amount of money the Biden administration is deploying to lower home heating costs and deploy modern electric appliancesThe amount of money Xcel customers in Texas and New Mexico will save because of an IRA-powered gas plant closureManufacturing jobs to be reshored in the U.S. in 2022 due in part to Inflation Reduction Act incentives

As President Biden touted the benefits of the Inflation Reduction Act at COP27 this week, new announcements continued to roll in showing the scale of its impact. New domestic manufacturing projects worth billions of investment were announced in Georgia and Alabama, and the nation’s first EV battery materials supplier reached a major deal with Panasonic in Kansas. New reports showed the Inflation Act powering an explosion of activity in the markets for energy storage, which is projected to grow 12x in the next 5 years, and new registrations of electric vehicles  are up 57% since last year. Executives from most major utilities declared that the Inflation Reduction Act would save their customers money while speeding the transition to clean energy. Leading this activity, President Biden announced ambitious new regulations and funding in Egypt, while his administration made more than $750 million in new clean energy grants available this week.

Clean energy companies announced new manufacturing and processing facilities representing billions in investments across the Southeast:

All told, Bloomberg estimates the value of the new cleantech companies announced since passage of the Inflation Reduction Act at $16.2 billion.  [Bloomberg, 11/17/2022]

Wood Mackenzie forecasts U.S. energy storage capacity will grow 12x by 2026 due to Inflation Reduction Act Incentives. [Reuters, 11/16/2022]

Utility executives praised the Inflation Reduction Act for saving customers money and speeding the transition to clean energy.

Demand for electric vehicles is exploding, driving increases in profit.

President Biden and cabinet officials announced new initiatives at COP27 to strengthen U.S. leadership in tackling climate change. [White House press release, 11/11/2022]

Back home, the Biden administration announced more than $700 million in new clean energy grants.