This Week in Climate & Clean Energy Wins: Week of 3/10
| $141 Billion
The amount in clean energy transition financing that was spent in the US in 2022.
The amount of wind, solar, and batteries expected to make up 2023’s new utility-scale power capacity in the US.
The amount invested in clean energy jobs and infrastructure in the Biden administration’s budget for FY 2024.
This week, companies continued to make critical investments in clean energy projects and solidified partnerships that will further US battery and EV production capabilities. Volkswagen Group-backed Scout Motors announced plans to open a $2 billion electric truck and SUV manufacturing plant in South Carolina. The facility is expected to produce 200,000 EVs annually at full capacity and create 4,000+ jobs. ON Semiconductor and BMW signed an EV supply deal, securing On Semiconductor’s EliteSic devices for future electric bus production.
A new BloombergNEF report found that the U.S. spent $141 billion in clean energy transition financing in just 2022 alone. Major power transmission line projects from SunZia, TransWest Express, Grain Belt Express, and Champlain Hudson Power Express are progressing, expanding access to clean energy resources. According to a report by the EIA, wind, solar, and batteries are expected to make up 82% of 2023’s new utility-scale power capacity. And according to the IEA, in 2022, sales of electric cars around the globe increased by about 60%, surpassing 10 million for the first time ever – this high demand resulted in EVs accounting for 1 of every 7 cars purchased.
The Biden Administration announced that the FY2024 budget includes a $4.5 billion investment in clean energy jobs and infrastructure and proposes ending tens of billions of dollars of federal tax subsidies for oil and gas companies. The administration also announced $6.3 billion in funding for decarbonization projects and more than $120 million in funding for large-scale conservation and restoration projects that benefit historically underserved communities and Tribal interests.
In Texas, companies are getting creative around clean energy incentives for consumers – proposing a program that would allow those who have rooftop solar or batteries to sell their spare power to the state grid. In West Virginia, state leaders broke ground on an aerospace manufacturing hub, which will be powered by a renewable energy microgrid built by Berkshire Hathaway Energy, expected to create 300 jobs. Lastly, Vice President Kamala Harris spoke in Colorado, focusing on new job opportunities as a result of the growing green energy economy. She also made an appearance at the Aspen Ideas Climate Conference in Miami, touting the administration’s clean energy plan investments in clean energy.
This week, companies announced new projects and partnerships that will advance US battery and EV production. Scout Motors is opening a new $2 billion EV manufacturing plant, and ON Semiconductor confirmed a long-term deal with BMW to produce 400-volt battery electric buses. General Motors and Samsung SDI announced they’ll be starting construction on a battery plant at the end of the year, with a 2026 production target.
- Scout Motors announced they’re opening a $2 billion electric truck and SUV manufacturing plant, bringing more than 4,000 jobs to South Carolina. [ABC News, 3/4/2023]
- Expected to begin production in 2026, the plant is projected to bring 200,000 vehicles a year.
- ON Semiconductor signed a long-term EV supply deal with BMW. [MarketWatch, 3/6/2023]
- The semiconductor manufacturing company’s EliteSic devices will be part of BMW’s 400-volt battery electric buses.
New reports this week found that the U.S. spent a record-breaking $141 billion in energy transition investments and remains the largest market for energy storage. Key transmission projects are steaming ahead, bringing new clean energy resources to the U.S. grid. Looking ahead, solar is expected to make up more than half of US generating capacity, breaking previous annual records.
- A factbook released by BloombergNEF and the Business Council for Sustainable Energy in America found that a record $141 billion in energy transition financing was deployed in the U.S. in 2022 for clean energy. [Utility Dive, 3/7/2023]
- The US remains the largest market for energy storage despite supply chain delays in project development.
- Key billion-dollar power transmission line projects are progressing – unleashing new clean energy resources across the country. [Bloomberg, 3/6/2023]
- This includes 4 major projects – SunZia in the Southwest, TransWest Express in the Mountain West, Grain Belt Express in the Midwest, and Champlain Hudson Power Express in New York City.
- According to a report by the EIA – wind, solar, and batteries makeup 82% of 2023’s expected utility-scale power capacity. [Electrek, 3/6/2023]
- Solar is expected to make up more than half of US generating capacity in 2023, which will be the most solar capacity added in a single year in the US
- Developers are planning to add 8.6 GW of battery storage power capacity to the grid this year, doubling US battery power capacity
- An EIA report found that one in seven cars bought globally in 2022 was an EV. [Quartz, 3/7/2023]
- Global sales of electric cars increased by around 60% in 2022, surpassing 10 million for the first time ever.
- Proving that EV technology is rapidly growing and adapting, a new Bloomberg analysis found that US EVs have set a record with a near 300 mile average range. [Bloomberg, 3/9/2023]
- In just the past decade, the range of charge has quadrupled.
The Biden Administration announced the 2023 budget, which included a $4.5 billion investment in the clean energy economy and proposes eliminating tax subsidies for big oil and gas. upwards of $6 billion in funding to combat carbon emissions and a $120 million investment in conservation and equity projects that seek to rebuild areas that benefit underserved communities and Tribal interests.
- President Biden’s budget announcement included a $4.5 billion investment in clean energy, bringing jobs to rural communities and cities. [White House, 3/9/2023]
- This includes nearly $50 million for the Department of Energy’s Solar Energy Technology Office to assist low-income households by decreasing the cost of solar installation and storage.
- The FY 2024 budget also includes plans to eliminate subsidies for oil and gas companies. [White House, 3/9/2023]
- The Budget saves $31 billion by eliminating special tax treatment for oil and gas company investments.
- As a result of the Inflation Reduction Act, the DOE announced over $6 billion in funding to accelerate decarbonization projects. [DOE, 3/8/2023]
- These projects will focus on the highest emitting industries: iron and steel, cement and concrete, chemicals and refining, food and beverage, paper and forest products, aluminum, and other energy-intensive manufacturing industries, and cross-cutting technologies.
- The DOI announced over $120 million is being invested in climate resilience, conservation, and equity projects, thanks to the Inflation Reduction Act. [DOI, 3/7/2023]
- U.S. Fish and Wildlife Service and state partners will complete geographically diverse, large-scale projects that benefit historically underserved communities and Tribal interests.
States continue to see economic benefits from the national clean energy plan, including a $23 million investment from the DOI in conservation and restoration projects in Great Plains states. In Texas, companies are increasing green incentives for consumers – developing a program that would allow homeowners to sell their spare solar and battery power. In West Virginia, construction began for an aerospace manufacturing hub powered by a renewable energy microgrid that will bring 300 jobs to the state. A visit from the Vice President inspired Coloradans to shift to a green energy economy. Harris also made an appearance at the Aspen Ideas Climate Conference in South Florida, touting the administration’s $1 trillion investment in climate thanks to the affordable clean energy plan.
- Sunnova Energy International Inc. partnered with David Energy to offer Texan customers a program that would allow those who have rooftop solar and batteries to sell their spare power to the state grid. [Bloomberg, 3/8/2023]
- As Texas has upwards of 217,000 installed home batteries, pooling together kilowatts could become the equivalent of making a small power plant available.
- In West Virginia, State leaders, including Senator Joe Manchin, broke ground on an aerospace manufacturing hub, which will be powered by a renewable energy microgrid built by Berkshire Hathaway Energy. [WV Public Broadcasting, 3/8/2023]
- The project is expected to create 200 jobs, with another 100 projected as Our Next Energy will be joining the effort in 2025, building utility-scale lithium storage batteries.
- The workforce in Colorado is expected to shift dramatically as the new clean energy economy takes off. [CBS Colorado, 3/7/2023]
- The appearance of Vice President Kamala Harris in Colorado, where she talked about a shift to a green energy economy and the Inflation Reduction Act.
- Vice President Kamala Harris spoke in South Florida, taking part in the Aspen Ideas: Climate Conference in Miami Beach. [CBS Miami, 3/8/2023]
- Harris touted the administration’s affordable energy plan, which is investing $1 trillion on climate.
- The DOI announced $23 million is to be invested in landscape conservation and restoration in the Prairie Pothole Region – including Iowa, Minnesota, Montana, North Dakota and South Dakota. [DOI, 3/7/2023]
- The funding will help improve the quality of grassland ecosystems, restore native plant communities, and support prescribed fire efforts.