This Week in Climate & Clean Energy Wins: Week of 12/4/23

$2.4 Billion

The amount of funding secured by SB Energy Global for U.S. clean energy production. 

$227 Billion

The amount of investments in solar, storage, wind, and hydrogen in the past two years.

$3 Billion

The amount the White House is pledging towards the global Green Climate Fund.

 

In private sector news, SB Energy Global secured $2.4 billion to support clean energy deployment and U.S. supply chain growth, creating 3,600 new  good-paying jobs across the country. According to Deloitte, federal investments and regulatory boosts prompted the U.S. to invest $227 billion in utility-scale solar, wind, and hydrogen over the past two years. 

The Federal Energy Regulatory Commission (FERC) and the U.S. Energy Information Administration (IEA)  reported that solar electrical generation in the first three quarters of 2023 outperformed that same period in 2022 by 32.8%. In a recent report, the International Renewable Energy Agency (IRENA) and World Meteorological Organization (WMO) found that 40% of global power generation is renewable. The Rocky Mountain Institute (RMI) launched a framework to aid banks in aligning their financial decisions with international climate goals. 

This week at COP28, the Biden-Harris Administration announced plans to accelerate climate leadership with a $3 billion pledge to the global Green Climate Fund. President Biden’s climate corp is receiving widespread interest from young people leading up to the program’s 2024 launch. 

Lastly, an Arizona non-profit rural electricity company plans to close a coal-fired power plant by leveraging President Biden’s $9.7 billion Empowering Rural America program. Wisconsin legislators have proposed a $78.5 million bill for a statewide electric vehicle (EV) charging network. New York state is welcoming new project developers in a wind power solicitation effort as it works to transition to 70% renewable energy production by 2030

 

Private Sector

  • SB Energy Global secured $2.4 billion to assist communities in developing domestic clean energy at scale. [PR Newswire, 11/30/2023
    • The effort serves as a model for renewable project financing and employment, with SB Energy supporting 3,600 new supply chain jobs. 
  • This year saw historic investment and competitiveness in the U.S. renewable energy industry. [Deloitte, 12/4/2023
    • By the end of 2023, utility-scale solar installations are expected to double compared to 2022, to a record-breaking 24 GW. 

 

New Reports

  • FERC and the EIA report that solar generation has grown faster than any other U.S.  energy source in the first three quarters of 2023. [Retrofit,  12/1/2023]
    • FERC says that solar provided 9,924 MW of new domestic generating capacity in 2023 thus far. 
  • IRENA and the WMO unveiled a report at COP28 that found in 2022 alone,  83% of new power capacity was renewable. [Scimex, 12/4/2023]
    • Such an increase in renewable power is central to achieving decarbonized systems by 2050. 
  • At COP28, RMI launched the Sustainable Aluminum Finance Framework to help banks align their financing decisions with decarbonization targets. [RMI, 12/4/2023
    • With the aluminum industry responsible for 2% of GHG emissions, this framework allows banks to position their aluminum lending portfolios in line with a 1.5 degree celsius scenario. 

 

Biden Administration

  • The Biden-Harris Administration leveraged U.S. climate leadership at COP28, and announced a $3 billion pledge to the Green Climate Fund. [White House, 12/1/2023
    • The funding accelerates President Biden’s agenda of hitting 50-52% harmful emission reduction levels by 2030. 
  • Many young Americans are interested in joining the American Climate Corps, with over 2,500 signaling interest ahead of the program’s 2024 launch. [Axios, 12/1/2023]

 

State-Level  

  • Tri-State Generation and Transmission Association plans to close a high-cost, pollution-intensive coal power plant in Arizona. [POWER Magazine, 12/2/2023
    • The closure aligns with Tri-State’s goal to  acquire at least another 1,250 MW of renewable energy in the next several years. 
  • Wisconsin legislators have proposed a bill to secure $78.5 million in federal funds for a statewide electric vehicle charging network. [Milwaukee Journal Sentinel, 12/4/2023
    • The funds are critical  to expanding  access to  affordable EV charging options across the state.
  • New York released a new wind solicitation to reach the state  target of 9,000 MW of offshore wind by 2035, enough to power up to six million homes. [Reuters, 11/30/2023]
    • The new solicitation will be open to all bidders.