This week, companies are continuing to bring new clean energy projects to the U.S. market, thanks to the green subsidies in the administration’s affordable climate plan. Volvo CEO praised the Inflation Reduction Act in an interview for incentivizing tech companies to shift production to the U.S. Impulse labs and Channing Street Copper announced their plans to sell battery-powered appliances that will bring cost-effective storage to American homes while building the grid’s ability to store excess energy.

According to new data from the Energy Information Administration, renewable power generation exceeded coal-fired generation in the U.S. for the first time in 2022 – representing 21 percent of total generation. The Global Wind Energy Council also  predicts wind energy to grow rapidly in 2023, a 15 percent growth forecast year-over-year that could power over 657 million homes annually. Reuse of coal plants can cut small modular nuclear reactor development costs by 35 percent, with nearly 1/4 of the current U.S. coal-fired fleet retiring by 2029. 

The Biden administration focused on an international collaboration this week, reaching a trade agreement with Japan for minerals used in clean-energy technologies, particularly EVs. President Biden also met with Canadian Prime Minister Justin Trudeau last week, releasing a joint statement that affirms the two countries’ intent to promote collaboration on nuclear energy. The DOE released their strategy to accelerate and expand domestic offshore wind deployment, and the EPA announced $3 million to fund projects in Missouri and Nebraska that tackle climate pollution – funding available in all 50 states. 

Finally, states continue to see a generous windfall from the Inflation Reduction Act. In Arizona, LG announced a $5.5 billion expansion plan for their Queen Creek battery manufacturing plant. The Mayor said the project would create a positive ripple effect in the state, bringing local jobs, infrastructure and capital. President Biden kicked off his ‘Investing in America’ tour in North Carolina on Tuesday, visiting Wolfspeed, a semiconductor producer that recently announced a $5 billion investment to build a facility in Durham. 

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