Episodes

  • Powering the Future: How the US Clean Energy Industry Navigates Challenges and Opportunities

    Powering the Future: How the US Clean Energy Industry Navigates Challenges and Opportunities
    Nov 27 2024
    The clean energy industry in the United States is experiencing robust growth despite potential headwinds from the recent elections. 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 reports include:

    - Utility-scale solar has surpassed 100 gigawatts of installed capacity, with 4,557 megawatts added in the first quarter of 2024, a 28% increase year-over-year[2].
    - The first large-scale offshore wind project in federal waters, South Fork Wind, began supplying 132 megawatts of clean power to the grid[2].
    - Renewable energy accounted for 22% of US electricity generation in 2023, with solar and wind leading the charge[3].
    - Corporate renewable procurement saw a 31% increase in the number of transacting customers between the first half of 2022 and 2023, driven by big technology companies[3].
    - The clean energy pipeline has expanded to nearly 175 gigawatts, the highest on record, with battery storage and solar growing at an average rate of 11% and 4% per quarter since the second quarter of 2022[2].

    The industry has also seen significant investment, with $303.3 billion in energy transition financing deployed in the US in 2023, and $123 billion in announced investments for manufacturing facilities in response to the Inflation Reduction Act (IRA)[4].

    However, there are challenges ahead. The potential repeal of the IRA tax credits could impact solar, wind, and energy storage build. A scenario where the IRA tax credits are immediately removed but projects starting construction by 2025 are grandfathered in could result in a 17% drop in cumulative wind, solar, and energy storage capacity additions over 2025-2035[1].

    Despite these challenges, the clean energy industry remains resilient. Deloitte's 2024 renewables industry outlook notes that the tandem push of federal investments and decarbonization demand from public and private entities could enable renewables to overcome hurdles and meet climate targets[3].

    In conclusion, the clean energy industry is experiencing strong growth, driven by federal policies, corporate demand, and technological advancements. While there are potential risks ahead, the industry's resilience and the continued push for decarbonization suggest a bright future for clean energy in the US.
    Show More Show Less
    3 mins
  • "Surging Clean Energy: Powering the US with Renewables, Storage, and Manufacturing Revival"

    "Surging Clean Energy: Powering the US with Renewables, Storage, and Manufacturing Revival"
    Nov 24 2024
    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].
    Show More Show Less
    3 mins
  • The Clean Energy Industry's Resilience and Potential: Trends and Insights for 2024

    The Clean Energy Industry's Resilience and Potential: Trends and Insights for 2024
    Nov 22 2024
    The clean energy industry is experiencing significant growth and transformation, driven by increasing demand for renewable energy solutions, technological advancements, and supportive policy frameworks. Recent market movements and trends highlight the industry's resilience and potential for continued expansion.

    In the first quarter of 2024, the U.S. clean energy industry added 5,585 megawatts (MW) of new capacity, marking a 28% increase compared to the same period in 2023[1]. Utility-scale solar surpassed 100 gigawatts (GW) of installed capacity, with 4,557 MW of new solar capacity added in Q1 2024. The first large-scale offshore wind project in federal waters, the South Fork Wind project, began supplying 132 MW of clean power to the grid.

    Global energy investment is set to exceed $3 trillion in 2024, with $2 trillion going to clean energy technologies and infrastructure[2]. The U.S. is expected to invest over $300 billion in clean energy in 2024, a 1.6-fold increase from 2020. The European Union and China are also making significant investments in clean energy, with China projected to spend nearly $680 billion in 2024.

    The renewable energy industry outlook for 2024 is positive, with the Energy Information Administration expecting renewable deployment to grow by 17% to 42 GW[3]. Corporate renewable procurement saw a 31% increase in the number of transacting customers between the first half of 2022 and 2023, driven by big technology companies meeting their 24/7 and carbon-matching targets.

    The Inflation Reduction Act (IRA) has played a crucial role in boosting clean energy investments in the U.S. In 2023, the U.S. saw a record-shattering $303.3 billion in energy transition financing, with manufacturing facilities planned across North America representing $123 billion in announced investments[4].

    Recent data from the Clean Energy Market Monitor highlights the continued growth of clean energy technologies, with solar PV and wind power deployment driving down wholesale prices in some countries[5]. The report also notes the importance of complementary investments in flexibility and storage capacity to support the integration of variable renewable energy sources.

    In response to current challenges, clean energy industry leaders are focusing on developing domestic manufacturing capabilities, improving supply chain resilience, and investing in emerging technologies such as green hydrogen and advanced energy storage. The industry is also seeing a shift in consumer behavior, with increasing demand for renewable energy solutions and growing awareness of the importance of decarbonization.

    Overall, the clean energy industry is poised for continued growth and transformation, driven by supportive policies, technological advancements, and increasing demand for renewable energy solutions. As the industry continues to evolve, it is essential to monitor market trends, regulatory changes, and emerging competitors to stay ahead of the curve.
    Show More Show Less
    4 mins
  • The Clean Energy Boom: Powering the Future with Investments, Innovation, and Policies

    The Clean Energy Boom: Powering the Future with Investments, Innovation, and Policies
    Nov 19 2024
    The clean energy industry is experiencing significant growth and transformation, driven by increasing investments, technological advancements, and regulatory support. According to the International Energy Agency (IEA), 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[1].

    In the United States, the clean energy market is witnessing robust growth, with the American Clean Power Association (ACP) reporting a 28% increase in new clean power installations in the first quarter of 2024 compared to the same period last year[4]. Utility-scale solar capacity additions outpaced other generation sources, reaching almost 9 gigawatts (GW) in the first eight months of 2023, up 36% from the same period in 2022[3].

    BloombergNEF's 2H 2024 US Clean Energy Market Outlook predicts that the US will hit an all-time high of 65 GW of new solar, wind, and energy storage additions this year, despite persistent structural hurdles like permitting and grid connections[2]. The report also forecasts that annual clean energy installations will average 102 GW over the next 11 years, quadrupling the 26 GW averaged over the past 11 years.

    The Asia-Pacific region is also driving growth in the clean energy market, with Allied Market Research projecting a compound annual growth rate (CAGR) of 9.5% from 2023 to 2032[5]. The region accounted for more than one-third of the clean energy market revenue in 2022 and is estimated to dominate during the forecast period.

    In terms of regulatory changes, the US Energy Information Administration expects renewable deployment to grow by 17% to 42 GW in 2024, accounting for almost a quarter of electricity generation[3]. The Inflation Reduction Act (IRA) has provided a significant boost to the US clean energy industry, with tax credit subsidies supporting the growth of solar, wind, and energy storage.

    However, the industry faces challenges, including supply chain constraints and high interest rates. Deloitte's 2024 renewable energy industry outlook notes that the clean energy industry is reshoring supply chains, with the first US plants for some upstream components starting in 2024[3]. The report also highlights the need for reskilling the workforce and addressing transmission obstacles.

    In conclusion, the clean energy industry is experiencing significant growth and transformation, driven by increasing investments, technological advancements, and regulatory support. While challenges persist, industry leaders are responding by investing in new technologies, reshoring supply chains, and addressing workforce and transmission issues. The current state of the clean energy industry is characterized by robust growth, with the US and Asia-Pacific regions driving the market forward.
    Show More Show Less
    3 mins
  • Surging Clean Energy: Navigating Growth, Challenges, and Opportunities in the Transition to Sustainability

    Surging Clean Energy: Navigating Growth, Challenges, and Opportunities in the Transition to Sustainability
    Nov 18 2024
    The clean energy industry is experiencing unprecedented growth, driven by increasing demand, favorable policies, and declining costs. According to BloombergNEF, the US is on track to see over 25% growth in annual clean energy installations this year, with a record-breaking 65 gigawatts of new solar, wind, and energy storage additions expected[3]. This growth is supported by strong corporate and utility procurement targets, competitive economics for renewables compared to gas-fired electricity, and robust policy support.

    Recent market movements have been significant, with the second quarter of 2024 witnessing a 91% increase in utility-scale clean power capacity additions compared to the same period in 2023[4]. Texas has emerged as the leading state for utility-scale solar capacity, surpassing California, while energy storage has surged past 20 GW of total operational capacity.

    Federal policies, particularly the Inflation Reduction Act (IRA), have played a crucial role in bolstering the clean energy transition. In 2023, the US saw a record-shattering $303.3 billion in energy transition financing, with 104 manufacturing facilities planned across North America in response to the IRA, representing $123 billion in announced investments[5].

    Global investment in the energy transition also reached new heights in 2023, soaring to $1.7 trillion, with the US attracting $303 billion of investment, second to China's $676 billion[5]. The US energy transition has demonstrated its resiliency, with investment and deployment bolstered by a suite of federal policies.

    However, challenges persist, including permitting and grid connection hurdles, as well as uncertainty around the elections and potential changes to the IRA tax credits[3]. Despite these challenges, industry leaders are responding by driving decarbonization throughout their supply chains and participating in multinational efforts to push governments to address climate change and accelerate the energy transition[1].

    In terms of supply chain developments, a domestic clean energy manufacturing revival is underway, with companies announcing $91 billion of investments in over 200 manufacturing projects, including solar, storage, wind, and hydrogen projects[1]. This could increase transparency and resilience while decreasing emissions and exposure to geopolitical vicissitudes.

    Consumer behavior is also shifting, with a growing number of corporations supporting renewables by participating in the nascent tax-credit transfer market and driving decarbonization throughout their supply chains[1]. The use of generative artificial intelligence is expected to increase data center demand for clean electricity five- to sevenfold, further driving growth in the clean energy sector.

    Overall, the clean energy industry is poised for continued growth, driven by favorable policies, declining costs, and increasing demand. Despite challenges, industry leaders are responding by driving decarbonization and participating in multinational efforts to accelerate the energy transition.
    Show More Show Less
    4 mins
  • Powering the Future: The Rapid Growth of the Clean Energy Industry

    Powering the Future: The Rapid Growth of the Clean Energy Industry
    Nov 15 2024
    The clean energy industry is experiencing rapid growth, driven by increasing investments, technological advancements, and policy support. According to the International Energy Agency (IEA), global clean energy investment is set to exceed $3 trillion for the first time in 2024, with $2 trillion going to clean energy technologies and infrastructure[3].

    Recent market movements have seen significant increases in renewable energy deployment. In the United States, utility-scale solar installations more than doubled in 2023 compared to 2022, reaching a record-breaking 24 GW, while wind capacity rose by 8 GW[4]. The first quarter of 2024 saw a 28% year-over-year increase in new clean power installations, with 5.6 GW of new capacity added, enough to power 1 million homes[5].

    Emerging competitors and new product launches are also driving growth in the industry. The solar power sector is projected to experience substantial growth throughout the forecast period, with renowned companies employing advanced technology and high-quality products to drive revenue growth[2]. In the United States, a domestic clean energy manufacturing revival is underway, with companies announcing $91 billion of investments in over 200 manufacturing projects, including solar, storage, wind, and hydrogen projects[4].

    Regulatory changes are also supporting the growth of the clean energy industry. The Inflation Reduction Act (IRA) has provided tax credits and incentives for renewable energy development, leading to a surge in investments and project announcements[4]. Additionally, corporate renewable procurement saw a 31% increase between the first half of 2022 and 2023, with big technology companies accounting for most of the procured capacity[4].

    Significant market disruptions include the increasing demand for clean energy solutions, with 131 companies urging governments to phase out fossil fuels by 2035[4]. The industry is also experiencing shifts in consumer behavior, with growing concerns about greenhouse gas emissions and climate change driving demand for renewable energy[2].

    In terms of supply chain developments, the industry is seeing increased investments in manufacturing and infrastructure, with companies reshoring to better capitalize on IRA tax credits and meet demand from renewable developers[4]. The use of generative artificial intelligence is also expected to increase demand for clean electricity, with big technology companies driving decarbonization throughout their supply chains[4].

    Compared to the previous reporting period, the clean energy industry is experiencing accelerated growth, driven by increasing investments, technological advancements, and policy support. The industry is expected to continue to grow, with the global renewable energy market size estimated to surpass $2.2 trillion by 2032, growing at a CAGR of 8.5% during the forecast period[2].
    Show More Show Less
    3 mins
  • Booming US Clean Energy Industry: Record Capacity, Corporate Demand, and Policy Support

    Booming US Clean Energy Industry: Record Capacity, Corporate Demand, and Policy Support
    Nov 14 2024
    The clean energy industry in the United States is experiencing significant growth, driven by robust federal policies, increasing corporate demand, and competitive economics. According to the latest data, the first half of 2024 saw a record-breaking 19 gigawatts (GW) of new utility-scale clean power capacity added, more than double the five-year average for the first half of the year[5].

    Utility-scale solar has been particularly strong, surpassing 100 GW of installed capacity in the first quarter of 2024 and adding 11 GW of new capacity in the second quarter, a 91% increase from the same period in 2023[2][5]. Texas has emerged as the leading state for utility-scale solar capacity, surpassing California with 21,932 MW of operating solar power[5].

    The energy storage sector is also scaling rapidly, surpassing 20 GW of total operational capacity in the second quarter of 2024, with 2.9 GW added in that quarter alone[5]. Offshore wind is also seeing significant growth, with a record 4 GW of capacity under construction in the second quarter[5].

    Despite these positive trends, the industry faces challenges, including regulatory uncertainty and supply chain constraints. The upcoming elections pose a risk to the long-term growth of the industry, with potential changes to tax credits and import tariffs[3]. However, even in a worst-case scenario, the industry is expected to continue growing, driven by competitive economics and demand for clean energy[3].

    Corporate demand for clean energy is a key driver of growth, with 131 companies urging governments to phase out fossil fuels by 2035 ahead of COP28[1]. Big technology companies are leading the way in corporate renewable procurement, with a 31% increase in transacting customers between the first half of 2022 and 2023[1].

    The Inflation Reduction Act (IRA) has been a major catalyst for investment in the clean energy industry, with $303.3 billion in energy transition financing deployed in the US in 2023, a record high[4]. The IRA has also driven a domestic clean energy manufacturing revival, with $91 billion of investments in over 200 manufacturing projects announced since its passage[1].

    Overall, the clean energy industry is poised for continued growth, driven by strong policy support, increasing corporate demand, and competitive economics. Despite challenges, the industry is expected to play a crucial role in modernizing the US electricity generation and meeting climate targets.
    Show More Show Less
    3 mins