• Booming US Clean Energy Industry: Record Capacity, Corporate Demand, and Policy Support

  • Nov 14 2024
  • Length: 3 mins
  • Podcast

Booming US Clean Energy Industry: Record Capacity, Corporate Demand, and Policy Support

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  • Summary

  • 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.
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