This Week in Climate & Clean Energy Wins: Week of 7/28/23
The amount of federal funding announced to increase the application of carbon management tech to cut emissions.
The amount of investments in the U.S. clean energy economy since the passing of the climate law nearly a year ago.
The number of EV chargers major automakers plan to install as part of an EV charging network spanning the U.S. and Canada.
Near the Inflation Reduction Act’s one-year anniversary, Climate Power released a report that showed how the law spurred $278 billion in new clean energy investments – creating 170,600 jobs across 44 states. Analysis from the American Clean Power Association also found that the climate law is responsible for opening nearly 80 clean energy facilities in the last year. Furthermore, new analysis shows that a clause in the Inflation Reduction Act is creating a self-sufficient U.S. battery supply chain by offering tax credits to American facilities and recycling programs. The Alliance for a Sustainable Future, a joint effort of the U.S. Conference of Mayors and the Center for Climate and Energy Solutions, found that newly available federal tax credits are making climate change mitigation and resilience projects more affordable for communities nationwide.
Stellanis and Samsung are building their second U.S. EV factory. GM reported record earnings in Q2 of this year to the tune of $3.2 billion, and NextEra Energy’s Q2 profits also jumped from $5.18 billion this time last year to $7.35 billion.
In a wave of Japanese companies expanding their renewable assets in the U.S., Itochu Corp plans to invest around $2 billion in renewable power generation in the U.S., in the coming months. Meyer Burger also switched course and a solar cell factory previously planned for Germany is now slated to be built in Colorado.
The Department of Energy (DOE) announced $33 million in funding for 14 research projects for clean energy topics like grid integration, solar and wind, and renewable manufacturing. DOE also announced $100 million in funding to increase access and application of advanced carbon management technologies, which are pivotal to cutting harmful emissions. DOE proposed a new energy efficiency standard that has the ability to save consumers over $11 billion on their energy and water bills and reduce carbon emissions by 501 million metric tons over the next 30 years. The Environmental Protection Agency (EPA), DOE, and National Energy Technology Laboratory (NETL) launched a series of funding opportunities to monitor and reduce methane emissions from the oil and gas sector, aiming to reduce inefficiencies and reach short-term emission reductions.
Lastly, Maine Governor Janet Mills reached a compromise with labor unions on legislation to boost the state’s offshore wind industry this week. In Georgia, the Atlanta Business Chronicle reported that while the state’s solar jobs increased by 25% over the past five years to 2,022, they are expected to accelerate even more rapidly. In Michigan, business at Chart House Energy has increased fivefold in the past year thanks to the Inflation Reduction Act, allowing the Michigan-based company to double or triple their number of workers.
- Climate Power released a report that found the Inflation Reduction Act has created 170K+ clean energy jobs across 44 states in the past year. [Climate Power, 7/26/2023]
- On the one-year anniversary of the bill’s signing, analysis from Climate Power shows how the law has spurred $278 billion in new clean energy investments.
- To celebrate our turbocharged clean energy economic growth, Climate Power, League of Conservation Voters, Rewiring America, IBEW, BlueGreen Alliance, Senate Majority Schumer, and other congressional climate and clean energy champions gathered on Capitol Hill to spotlight the legislation’s impact across the country. [C-SPAN, 7/26/2023]
- According to the American Clean Power Association, nearly 80 clean energy facilities have been announced since last year. [Associated Press, 7/23/2023]
- The massive buildout of clean energy manufacturing sites has been critical to ensuring grid reliability amid the recent dangerous heat waves.
- Federal tax credits are making climate change mitigation and resilience projects more affordable for communities across the country. [Utility Dive, 7/26/2023]
- Newly available federal “direct-pay” tax credits are proving to dramatically reduce the cost or shorten the payback period for projects like renewable energy systems and electric vehicle fleet transitions.
- Domestic EV battery production is booming as a result of the Inflation Reduction Act’s Advanced Manufacturing Production Credit Clause. [CBS News, 7/25/2023]
- The clause grants 10 years of tax credits for U.S. battery manufacturing facilities and allows batteries recycled in the U.S. to qualify for subsidies – creating a self-sufficient domestic battery supply chain.
- GM, BMW, Honda, Hyundai, Kia, Mercedes-Benz, and Stellantis are joining together to create a U.S. charging network. [CNN, 7/26/2023]
- The major automakers plan to install at least 30,000 EV chargers across the U.S. and Canada around major cities and travel routes – set to open next summer.
- Stellantis and Samsung are planning to build a second U.S. EV factory. [Axios Pro, 7/24/2023]
- The companies’ joint venture, StarPlus Energy, will have a capacity of 34 GWh and start production as early as 2027.
- GM reported $3.2 billion in earnings in Q2 of this year. [Yahoo, 7/25/2023]
- On the heels of massive profits, the company announced it will reintroduce a new EV model powered by ultium battery technology, after previously rolling back its production.
- NextEra Energy’s Q2 results beat Wall Street estimates this week as the world’s largest wind and solar power firm, benefitting from the Inflation Reduction Act. [Reuters, 7/25/2023]
- The company’s revenue rose to $7.35 billion from $5.18 billion last year, driven by their renewable energy unit.
- Itochu Corp plans to invest around $2 billion in renewable power generation assets in the United States and Canada [Yahoo Finance, 7/24/2023]
- The move follows a trend of Japanese companies expanding renewable assets abroad.
- Meyer Burger has abandoned plans to build their new solar cell factory in Germany, and will now build the facility in Colorado. [Electrek, 7/24/2023]
- The company says it’s prioritizing the US over Germany because of tax credits from the Inflation Reduction Act.
- BrightNight is partnering with Rivian and the Nature Conservancy to develop an 800 MW solar project on the site of a former coal mine in Kentucky.[PV Tech, 7/26/2023]
- DOE announced $33 million to support 14 clean-energy research projects in a range of topics—including grid integration, renewable solar and wind energy, and advanced manufacturing. [DOE, 7/26/2023]
- The funding will be provided through DOE’s Established Program to Stimulate Competitive Research (EPSCoR) program, which is intended to grow funding and research development opportunities in underserved communities across the country.
- DOE announced $100 million in funding to support states, local governments, and public utilities in purchasing products derived from converted carbon emissions. [DOE, 7/24/2023]
- The initiative aims to speed up the adoption of advanced carbon management technologies.
- DOE proposed new energy efficiency standards that would save consumers $11.4 billion on their energy and water bills every year. [DOE, 7/21/2023]
- If finalized, these standards would take effect in 2029 and are expected to save Americans approximately $198 billion and reduce 501 million metric tons of harmful carbon dioxide emissions cumulatively over 30 years.
- The EPA, DOE, and NETL announced the first in a series of funding opportunities to monitor and reduce methane emissions from the oil and gas sector and for environmental restoration of well sites. [EPA, 7/24/2023]
- The goal of this initiative is to reduce inefficiencies of U.S. oil and gas operations and realize near-term emission reductions.
- Maine Governor Janet Mills (D) has reached a compromise with labor unions on legislation to boost the state’s offshore wind industry, taking an important step towards a clean energy future that works for all Mainers [The Washington Post, 7/24/2023]
- Solar jobs increased by 25% in Georgia over the five years to 2,022, and now there are signs that the industry’s growth could begin to accelerate even more rapidly. [Atlanta Business Chronicle, 7/24/2023]
- Thanks to the Inflation Reduction Act, business at Michigan-based Chart House Energy has increased five fold after the past year, and the president and founder expects a 10-percent increase in business overall once the policy is put into place administratively. [Bridge Michigan, 7/24/23]
- This boom will allow Chart House Energy to double or triple their number of workers