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. 

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