• "Surging Clean Energy: Powering the US with Renewables, Storage, and Manufacturing Revival"

  • Nov 24 2024
  • Length: 3 mins
  • Podcast

"Surging Clean Energy: Powering the US with Renewables, Storage, and Manufacturing Revival"

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  • Summary

  • The clean energy industry in the United States is experiencing robust growth, driven by strong policy support, competitive economics, and increasing demand for renewable energy solutions. According to BloombergNEF's 2H 2024 US Clean Energy Market Outlook, the US is on track to see over 25% growth in annual clean energy installations this year, reaching an all-time high of 65 gigawatts of new solar, wind, and energy storage additions[1].

    Key highlights from recent market reports include:

    - Utility-scale solar capacity has surpassed 100 gigawatts, with 4,557 megawatts added in the first quarter of 2024, a 28% increase year-over-year[2].
    - The energy storage sector is expected to exceed 10 gigawatts of new additions in 2024, with California and Texas leading the market[1].
    - Despite challenges in the onshore wind market due to longer turbine delivery lead times and equipment shortages, the overall clean energy pipeline has expanded to nearly 175 gigawatts, the highest on record[2].

    Global energy investment is set to exceed $3 trillion for the first time in 2024, with $2 trillion going to clean energy technologies and infrastructure. In the US, investment in clean energy is estimated to be over $300 billion in 2024, 1.6 times the 2020 level and well ahead of the amount invested in fossil fuels[3].

    The Inflation Reduction Act (IRA) has played a crucial role in boosting clean energy investments, with $303.3 billion in energy transition financing deployed in the US in 2023. The IRA has also spurred a domestic clean energy manufacturing revival, with $123 billion in announced investments across 104 manufacturing facilities planned in North America[5].

    Consumer behavior and corporate procurement are also driving the clean energy transition. The number of companies joining RE100, a global corporate initiative to procure electricity entirely from renewables, has grown significantly, with around a quarter of the members headquartered in the US. Corporate renewable procurement saw a 31% increase in transacting customers between the first half of 2022 and 2023[4].

    However, regulatory changes and election outcomes pose some risks to the industry's long-term growth. A repeal of the IRA tax credits could result in a 17% drop in cumulative wind, solar, and energy storage capacity additions over 2025-2035[1].

    In response to current challenges, industry leaders are focusing on strengthening supply chains, investing in domestic manufacturing, and advocating for continued policy support. The clean energy industry is poised for continued growth, with the US expected to hit an average of 102 gigawatts of annual clean energy installations over the next 11 years, quadruple the 26 gigawatts averaged over the past 11 years[1].
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