THIS WEEK IN CLIMATE & CLEAN ENERGY WINS: WEEK OF 9/11/23:

This week in private sector news, Moelis & Co launched a new investment banking team dedicated to advising on deals for companies involved in the clean energy transition. Stellantis announced a new electric vehicle (EV) battery that is 50% lighter than conventional EV batteries. A U.S. first, BASF, Nanotech Energy, American Battery Technology Company, and TODA Advanced Materials partnered to produce EV batteries out of recycled material. Nextracker and Unimacts opened a new facility that will produce critical steel components used in solar power generation plants – creating an expected 200 new jobs by 2024. Amazon announced it will purchase a quarter of a million metric tons of carbon removal over the next decade. Chevron acquired a majority stake in the Advanced Clean Energy Storage Hydrogen Project, which will convert renewable energy into 100 metric tons of hydrogen per day. 

In a new report, the Environmental Protection Agency (EPA) projects that U.S. economy-wide emissions reductions will range from 35 to 43 percent below 2005 levels by the end of the decade as a result of a decline in coal use and the implementation of the Inflation Reduction Act. The U.S. Energy Information Administration (EIA) found that luxury EV models are dominating the U.S. market thanks to the Biden Administration’s clean energy plan incentives, with models at diverse price points expected in the coming years. A new survey from Deloitte, reports that about 75 % of oil and gas investors say that they would continue holding shares to accelerate investments in lower-carbon and clean energy technologies, even if yields shrank to as little as 3%.

President Biden traveled to India for the G20 summit this week, where he positioned the U.S. as a reliable partner for global clean energy infrastructure and investment in developing countries. The Biden Administration announced Chakeia Blocker, Ruby Goldberg, Royce Kim, Christina Nuñez Cohen, Rory Stanley, and Satchel Tsai as the six newest appointees to the Department of Energy (DOE), who will support the agency’s net zero goals. DOE also announced a total of $10 million in funding for at least five state-based technical assistance programs that aim to support and expand the development of large-scale renewable energy projects on private land. 

Lastly, Maryland lawmakers announced $8,790,108 in federal funding to modernize the state’s power grid and invest in clean energy last week. In Arizona, a new report reveals the state ranks third for the most new clean energy jobs in BIPOC communities, with 12,720 jobs resulting in north of $8 billion investment in those communities. In New York City, the Planning Commission approved a proposal to advance the city’s carbon reduction goals by imposing a series of zoning changes aimed at eliminating the barriers to clean energy. 

Private Sector

• Moelis & Co is launching a new investment banking team dedicated to advising on deals for companies involved in the energy transition. [Reuters, 9/7/2023]
• Stellantis announced a new EV battery prototype that is 50% lighter than conventional EV batteries, which the company said would help meet environmental goals. [Interesting Engineering, 9/9/2023] 
• BASF, Nanotech Energy, American Battery Technology Company, and TODA Advanced Materials announced they are partnering to produce closed loop recycled batteries in North America. This is the first time the U.S. will make EV batteries from recycled material. [Electrek, 9/11/2023]
• Nextracker and Unimacts announced the opening of a new facility that will produce critical steel components used in solar power generation plants. [Businesswire, 9/11/2023]
  • The new facility has created 100 new jobs and is expected to create 200 by 2024. 
• Amazon announced it will help fund the world’s largest deployment of direct air capture technology by purchasing a quarter of a million metric tons of carbon removal over the next decade. [CNBC, 9/12/2023]
• Chevron is acquiring a majority stake in the Advanced Clean Energy Storage Hydrogen Project in Delta, Utah. [Businesswire, 9/12/2023]
  • The Advanced Clean Energy Storage Project will convert renewable energy into 100 metric tons of hydrogen per day and use solution-mined salt caverns to store the energy. 

New Reports

• Under the Inflation Reduction Act, U.S. emissions reductions will range between 35 and 43 percent below 2005 levels by the end of the decade. [Politico, 9/12/2023]
  • Coal use is projected to be down a median of 63 percent in 2030 and nearly 72 percent in 2035, compared to 34 percent and 41 percent, respectively, under no-clean energy plan scenarios.
• As luxury electric vehicles dominate the U.S. market, models at several price points are expected in the coming years. [Axios, 9/11/2023]
• Oil and gas investors are open to lower dividends and fewer share buybacks in favor of more spending on some energy transition projects. [Reuters, 9/12/2023]
  • About 75% of investors say they would continue holding shares to accelerate investments in lower-carbon technologies, even if yields shrank to as little as 3%.

Biden Administration

• President Biden traveled to India for the G20 summit, where he positioned the U.S. as a reliable partner for global clean energy infrastructure and investment. [White House, 9/9/2023]
  • A sign of the Biden Administration’s commitment to the G20 as the premier forum for international economic cooperation, the U.S. will host the G20 in 2026.
• The Biden-Harris Administration announced six new appointees to DOE to support America’s transition to a net zero economy by 2050. [DOE, 9/12/2023]
  • New appointees include, Chakeia Blocker, Ruby Goldberg, Royce Kim, Christina Nuñez Cohen, Rory Stanley, and Satchel Tsai.
• DOE announced $10 million in funding for technical assistance programs to expand state and local government capacity to support the development of large-scale renewable energy projects on private land. [DOE, 9/12/2023]
  • DOE plans to award approximately five to seven state-based collaboratives up to $2 million each to establish or expand their programs or initiatives. 

State-Level  

• Senators Chris Van Hollen and Ben Cardin and Congressman Steny H. Hoyer, Dutch Ruppersberger, John Sarbanes, Kweisi Mfume, Jamie Raskin, David Trone, and Glenn Ivey announced $8,790,108 in federal funding to modernize the state’s power grid and invest in clean energy. [Chris Van Hollen Website, 9/7/2023]
• According to a new report, Arizona ranks third for the most new clean energy jobs in BIPOC communities, with 12,720 jobs resulting in north of $8 billion investment in those communities. [Phoenix Business Journal, 9/8/2023]
• The New York City Planning Commission approved a proposal to advance the city’s carbon reduction goals on Monday. The plan, now under review by the City Council, would impose a series of zoning changes aimed at eliminating barriers to clean energy and climate action. [POLITICO Pro, 9/11/2023]
  • For example, this proposal would make it easier to electrify buildings, designate more space for electric vehicle charging stations, and allow solar panels on more than 8,500 acres of parking lots.