The Path to America’s clean energy Future
Overview
Heather Boushey, Chief Economist, Investing in America Cabinet, and Justina Gallegos, Deputy Director for Industrial Innovation, Office of Science and Technology Policy, present an updated version of the original December 2023 publication. President Biden’s Investing in America agenda, signed into law in 2021 and 2022, focuses on strategic public investments in critical industries for the long-term economic growth of the United States, including the largest investment in reducing carbon emissions in American history.
clean energy Investments
The clean energy investments in the agenda, such as the Bipartisan Infrastructure Law and the Inflation Reduction Act, offer incentives for manufacturing across the clean energy supply chain, investments in demonstration projects, loans for clean energy technologies, and production tax credits for clean energy generation. These measures provide unprecedented investment certainty to the private sector, resulting in robust investment in manufacturing facilities and strong performance in key industries like solar and wind energy, grid-scale energy storage, and electric vehicles.
Manufacturing Facilities
Investment in the construction of clean energy manufacturing facilities is surpassing expectations. Private companies have already announced significant investments, with over $880 billion in new investment since January 2021, including $410 billion in clean energy manufacturing, EVs, and clean power generation. The construction of manufacturing facilities has more than doubled since President Biden took office, exceeding forecasters’ expectations.
clean energy Deployment
The Investing in America agenda is driving clean energy deployment, particularly in solar and wind power. The agenda aims to increase electricity generation from clean sources, such as solar and wind, to lower energy costs, improve energy resilience, and reduce greenhouse gas emissions. Forecasts predict rapid expansion in solar and wind capacity, with the United States on track to have about 340 gigawatts of solar capacity by 2030 and 300 gigawatts of wind capacity.
Energy Storage
Energy storage is a crucial component of a clean electricity grid, enabling the storage of excess electricity from wind and solar power. Incentives from the Investing in America agenda are driving historic deployment of large-scale energy storage capacity, with forecasts showing a significant expansion in expected storage capacity. Deployment is already ahead of forecasts, with capacity increasing nearly twelve-fold since the beginning of the Administration.
Electric Vehicles
The adoption of electric vehicles (EVs) is increasing, offering benefits such as lower energy costs and reduced pollution. The Inflation Reduction Act is projected to double the share of clean electricity generation by 2030, supporting the growth of the EV industry. Private sector investments in EV and battery manufacturing have increased, with new EV models providing consumers with more options and prices becoming more competitive.
Read More of this Story at www.whitehouse.gov – 2024-07-01 16:00:00
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