This Week in Climate & Clean Energy Wins: Week of 10/28

$1.2 Trillion$56 million1,500
The amount of money top automakers are set to spend on EV development by 2030The amount of money Duke Energy is returning to customers after qualifying for an IRA tax credit retroactivelyJobs created by Manga International’s EV factory expansion in Michigan

Clean energy companies continued the race to claim Inflation Reduction Act credits this week, with new factories and expansions announced in MichiganOhioTexas, and Alabama. The speed of these announcements is already shattering projections for the sector’s development, and this week it began to pay off for consumers, with Duke Energy announcing $56 million in refunds to ratepayers because of a retroactive climate law clean energy tax credit. On their quarterly earnings calls, utility CEOs across the country projected similar savings for their customers as the climate law makes renewable energy even more affordable and competitive. Providing the certainty to drive these commitments was a series of climate announcements from the Biden administration, including $1 billion in grants to more than quadruple the nation’s electric school bus fleet, saving money for school districts and protecting children from harmful pollution.

Solar and EV companies announced new projects and accelerated timelines worth billions of dollars:

The EV, battery, and solar markets are shattering pre-climate law projections:

Spurred by the climate law, clean energy is already saving families and businesses money on energy bills, and is projected to do a lot more:

Wisconsin could eliminate greenhouse gas emissions by 2050 while driving economic growth.

The Biden administration announced millions in new funding to create clean energy jobs in underserved communities, and took steps to build out the green bank and reduce construction and refrigerant emissions: