This Week in Climate & Clean Energy Wins: Week of 10/23/23

This week in private sector news, Ormat Technologies announced they will acquire a 150MW portfolio of geothermal and solar assets for $271 million – a purchase that includes 6 different projects. As part of the “Mission Possible Partnership,” 20 companies are teaming together to deliver clean hydrogen across the Atlantic by 2026, and 3 million tons per year by 2030. 

The International Energy Agency (IEA) released a report that predicts the demand for oil and gas will peak before 2030 – particularly as emerging clean energy policies are ushering in an end to the fossil fuel era. “Taking into account the ongoing strains and volatility in traditional energy markets today, claims that oil and gas represent safe or secure choices for the world’s energy and climate future look weaker than ever,” the IEA said. The White House shared new data analysis that projects clean power generation spurred employment in every state and the District of Columbia last year. New numbers from Allied Market Research show that the EV market could reach an estimated $823.75 billion by 2030.

This week, the Department of Energy (DOE) released a report summarizing the achievements of its Better Buildings Initiative, which has resulted in $18.5 billion in energy savings since its inception. The U.S. Department of Commerce’s Economic Development Administration (EDA) announced more than 30 tech hubs across the country to focus on clean energy and other emerging tech markets. Early in the week, Secretary of the Interior Deb Haaland rounded out her visit to Alaska, where she was touting Biden Administration Investing in America benefits in the state – including over $5.3 billion in funding for climate goals and resiliency efforts. In the first contract of its kind, the Biden Administration committed to powering federal facilities in Arkansas with locally supplied 100% clean power. 

Lastly, a group of Senators introduced legislation to help state, local and Tribal governments accelerate the permitting and inspection process required to install home energy systems across the country. In Pennsylvania, the state could be receiving up to $100 million to help build a climate ready electric grid. In New York, officials announced the state has awarded contracts to three offshore wind projects as part of a massive renewable energy procurement that will provide 12% of the state’s power needs by 2030. 

Private Sector

• Ormat Technologies is acquiring a 150MW portfolio of geothermal and solar assets for $271 million. [Power Technology, 10/24/2023] 
  • Purchased from Enel Green Power North America, the portfolio includes two operating geothermal power plants, one triple hybrid geothermal solar project, a solar thermal project, two solar projects and two greenfield development assets.
• 20 companies have teamed together for the “Mission Possible Partnership,” an initiative to deliver the first shipment of clean hydrogen across the Atlantic by 2026. [Green Biz, 10/23/2023] 
  • The Transatlantic Clean Hydrogen Trade Coalition’s goal is to trade over three million tons per year of clean hydrogen across the globe by 2030.  
• NextEra Energy expects their financial results to exceed expectations for the next three years. [Reuters, 10/24/2023] 
  • The top wind and solar power company in the world, NextEra has directly  benefited from the Inflation Reduction Act’s clean energy investment push.  

• Total Energies has started operation on a 380MWp solar-plus-storage project in Texas. [PV Tech, 10/24/2023]
  • Located south of Houston, Myrtle Solar includes 705,000 solar panels.

New Reports

• The world’s leading energy agency predicts that the demand for fossil fuels will peak before 2030, due to emerging clean energy policies  around the globe. [New York Times, 10/24/2023]
  • The IEA hinted that the clean energy transition is “unstoppable” in its annual World Energy Outlook report on Tuesday.
  • The report touts progress in the clean energy sector’s key markets, like EVs, where by 2030, there will likely be 10 times as many EVs on the road as there are today.
• The White House projected that clean power generation employment grew in every state and the District of Columbia last year. [The Hill, 10/24/2023]
  • This includes a 19% increase in West Virginia, known as the country’s coal hub.
• The EV market is predicted to reach an estimated $823.75 billion by 2030, with a compound annual growth rate of more than 18%. [Global Newswire, 10/23/2023]

Biden Administration

• DOE released their “2023 Better Buildings Initiative Progress Report,” which summarizes the program’s achievements since its inception in 2011 –  yielding $18.5 billion in energy savings. [DOE, 10/23/2023]
  • It’s estimated that the initiative  cut harmful carbon dioxide emissions by nearly 190 million metric tons – roughly equivalent to the combined yearly emissions of 24 million homes.
• The U.S. Department of Commerce’s EDA announced 31 tech hubs in regions across the country and will highlight Biden Administration investments in innovation and economic growth. [Commerce, 10/23/2023]
  • The hubs will focus on industries ranging from autonomous systems, quantum computing, biotechnology, precision medicine, clean energy advancement, semiconductor manufacturing, and more.
• On Monday, Secretary Deb Haaland wrapped up her visit to Alaska, where she highlighted how President Biden’s Investing in America agenda is supporting Alaska’s Tribal communities. [DOI, 10/23/2023]
  • To date, the Biden Administration has announced over $5.3 billion for the state of Alaska to bolster climate resiliency efforts, conservation investment, and strengthening local economies.
• The Biden Administration has committed to power federal facilities in Arkansas with locally supplied 100% carbon pollution-free electricity (CFE). [White House, 10/23/2023]
  • The 24/7 CFE contract with an Arkansas utility company is the first of its kind.

State-Level  

• Western Senators Martin Heinrich (D-NM), Ron Wyden (D-OR), Catherine Cortez-Masto (D-NV), Mark Kelly (D-AZ), and Alex Padilla (D-CA) introduced legislation to help state, local and Tribal governments accelerate the permitting and inspection process required to install home energy systems such as rooftop solar panels. [Senator Ron Wyden Press Release, 10/23/2023]
• Pennsylvania could be receiving up to $100 million to help build a climate ready electric grid [WVIA, 10/23/2023]
  • The funding will go towards moving its substation equipment away from flood-prone areas and creating a microgrid with battery storage to replace a diesel generator at the utility’s storm response center.
• New York officials announced the state has awarded contracts to three offshore wind projects as part of a massive renewable energy procurement that will provide 12% of the state’s power needs in 2030. [Reuters, 10/24/2023]