$141 Billion82%$4.5 Billion
The amount in clean energy transition financing that was spent in the US in 2022.The amount of wind, solar, and batteries expected to make up 2023’s new utility-scale power capacity in the US.The amount invested in clean energy jobs and infrastructure in the Biden administration’s budget for FY 2024.

This week, companies continued to make critical investments in clean energy projects and solidified partnerships that will further US battery and EV production capabilities. Volkswagen Group-backed Scout Motors announced plans to open a $2 billion electric truck and SUV manufacturing plant in South Carolina. The facility is expected to produce 200,000 EVs annually at full capacity and create 4,000+ jobs.  ON Semiconductor and BMW signed an EV supply deal, securing On Semiconductor’s EliteSic devices for future electric bus production. 

A new BloombergNEF report found that the U.S. spent $141 billion in clean energy transition financing in just 2022 alone. Major power transmission line projects from SunZia, TransWest Express, Grain Belt Express, and Champlain Hudson Power Express are progressing, expanding access to clean energy resources. According to a report by the EIA, wind, solar, and batteries are expected to make up 82% of 2023’s new utility-scale power capacity. And according to the IEA, in 2022, sales of electric cars around the globe increased by about 60%, surpassing 10 million for the first time ever – this high demand resulted in EVs accounting for 1 of every 7 cars purchased. 

The Biden Administration announced that the FY2024 budget includes a $4.5 billion investment in clean energy jobs and infrastructure and proposes ending tens of billions of dollars of federal tax subsidies for oil and gas companies. The administration also announced $6.3 billion in funding for decarbonization projects and more than $120 million in funding for large-scale conservation and restoration projects that benefit historically underserved communities and Tribal interests. 

In Texas, companies are getting creative around clean energy incentives for consumers – proposing a program that would allow those who have rooftop solar or batteries to sell their spare power to the state grid. In West Virginia, state leaders broke ground on an aerospace manufacturing hub, which will be powered by a renewable energy microgrid built by Berkshire Hathaway Energy, expected to create 300 jobs. Lastly, Vice President Kamala Harris spoke in Colorado, focusing on new job opportunities as a result of the growing green energy economy. She also made an appearance at the Aspen Ideas Climate Conference in Miami, touting the administration’s clean energy plan investments in clean energy.

This week, companies announced new projects and partnerships that will advance US battery and EV production. Scout Motors is opening a new $2 billion EV manufacturing plant, and ON Semiconductor confirmed a long-term deal with BMW to produce 400-volt battery electric buses. General Motors and Samsung SDI announced they’ll be starting construction on a battery plant at the end of the year, with a 2026 production target.

New reports this week found that the U.S. spent a record-breaking $141 billion in energy transition investments and remains the largest market for energy storage. Key transmission projects are steaming ahead, bringing new clean energy resources to the U.S. grid. Looking ahead, solar is expected to make up more than half of US generating capacity, breaking previous annual records. 

The Biden Administration announced the 2023 budget, which included a $4.5 billion investment in the clean energy economy and proposes eliminating tax subsidies for big oil and gas. upwards of $6 billion in funding to combat carbon emissions and a $120 million investment in conservation and equity projects that seek to rebuild areas that benefit underserved communities and Tribal interests.

States continue to see economic benefits from the national clean energy plan, including a $23 million investment from the DOI in conservation and restoration projects in Great Plains states. In Texas, companies are increasing green incentives for consumers – developing a program that would allow homeowners to sell their spare solar and battery power. In West Virginia, construction began for an aerospace manufacturing hub powered by a renewable energy microgrid that will bring 300 jobs to the state. A visit from the Vice President inspired Coloradans to shift to a green energy economy. Harris also made an appearance at the Aspen Ideas Climate Conference in South Florida, touting the administration’s $1 trillion investment in climate thanks to the affordable clean energy plan.