This Week in Climate & Clean Energy Wins: Week of 9/19/2

At Climate Week in New York City, the Energy Transition Accelerator (ETA) and the World Bank announced a partnership to mobilize finance supporting accelerated energy transitions in developing countries. In other private sector news, Vestas received a 126 MW order to repower the Downeast Wind project in Maine, and Enel North America signed a power purchase agreement for a new solar project in Texas.  

Total investments from President Biden’s clean energy plan will lead to the creation of nearly 3 million jobs per year, according to new data from the Political Economy Research Institute (PERI). Nearly 70% of those direct jobs will be available to workers without a bachelor’s degree – compared to 59.6% of jobs in the total U.S. workforce. According to a new analysis of the Inflation Reduction Act from Brookings, clean energy policies pose few transitional risks when it comes to financial stability and stress. The DOE released the first of many Liftoff Reports, designed to offer insights into the clean energy landscape – the Virtual Power Plants (VPPs) Report projected that tripling the scale of current VPPs could reduce overall U.S. grid costs by $10 billion per year. 

The Biden Administration launched the American Climate Corps initiative, which is expected to place 20,000 young people on clean energy, conservation, and climate resilience career paths in its first year. The Department of Energy (DOE) and Department of the Interior (DOI) released an action plan to expand offshore wind transmission development in the Atlantic. DOE announced $400 million in formula funding to states and territories for assistance with the implementation of energy efficient building codes.

In South Carolina, Canada’s Silfab Solar is investing $150 million in a new solar cell manufacturing plant – a sign that the Inflation Reduction Act’s incentives for U.S. manufacturing are working. During his Climate Week meetings, Governor Newsom underscored that California is doubling down on building the infrastructure needed to achieve net-zero carbon emissions and 100% clean energy by 2045.

Private Sector

• The Energy Transition Accelerator (ETA) and the World Bank announced a partnership to mobilize finance to support accelerated energy transitions in developing countries. [PR Newswire, 9/19/2023]
  • The collaboration announced at Climate Week will enable developing countries to be directly rewarded for verified emissions reductions from a pool of payments committed by public and private sector contributors.

• Vestas received a 126 MW order to repower the Downeast Wind project in Maine. [Energy Global, 9/20/2023]
  • The order consists of 30 V150-4.2 MW wind turbines.
• Enel North America signed a power purchase agreement (PPA) with Boston Properties for a new solar project in Texas. [PV Tech, 9/20/2023]
  • The project is currently under construction, and Enel North America expects commercial operations to begin in late 2024. The facility will have an installed capacity of 202MW and employ a 104 MW battery energy storage system. 

New Reports

• Combined investments from President Biden’s clean energy plan will support nearly 3 million jobs per year, according to new analysis by the PERI at the University of Massachusetts-Amherst. [BlueGreen Alliance, 9/18/2023]
  • 69.1% of direct jobs overall will be available to workers without a bachelor’s degree.
• Despite significant impact on the U.S. markets, the Inflation Reduction Act did not create financial instability or stress – indicating clean energy policies pose few transitional risks. [Brookings, 9/19/2023]
• Tripling the current scale of VPPs by 2030 could expand the U.S. grid’s capacity to reliably support rapid electrification while reducing overall grid costs by $10 billion per year. [DOE, 9/18/2023]
  • This report is a part of DOE’s Liftoff Report series, which are designed to offer insights into the current landscape, future potential, and challenges that need to be addressed for successful commercial deployment of clean energy technologies.

Biden Administration

• The Biden Administration launched the American Climate Corps initiative to train young people in clean energy, conservation and climate resilience skills. [White House, 9/20/2023]
  • In its first year, the program is expected to put 20,000 young people on career pathways in the growing clean energy field.
• DOE and DOI released an action plan for offshore wind project development in the Atlantic region – with the goal of catalyzing offshore wind energy, strengthening the domestic supply chain, and creating good-paying, union jobs. [DOE, 9/19/2023]
  • Since President Biden took office, companies have announced 19 offshore wind shipbuilding projects.
• DOE announced applications for $400 million in formula funding to states and territories. [DOE, 9/19/2023]
  • The funding aims to assist the implementation of building energy codes that reduce utility bills, increase efficiency, lower greenhouse gas emissions that fuel the climate crisis, and make buildings more resilient to climate disasters.

State-Level  

• Canada’s Silfab Solar announced plans to invest $150 million in a new solar cell manufacturing plant in South Carolina. [Reuters, 9/19/2023]
  • This expansion of U.S. production is thanks to the Inflation Reduction Act, which incentivizes U.S. manufacturing of clean energy components with tax credits for both producers and buyers.
• During his meetings with world and national leaders for Climate Week, Governor Newsom underscored that California is doubling down on building the infrastructure to achieve net-zero carbon emissions and 100% clean energy by 2045. [Office of Governor Gavin Newsom, 9/19/2023]