US clean energy industry unveils USD 500bn in investments over 2 yrs

The US clean energy industry is leading a manufacturing renaissance, the American Clean Power Association (ACP) said on Wednesday as it released a report showing that the industry has announced USD 500 billion (EUR 458bn) in new investments in the past two years.

Since August 2022, when the Inflation Reduction Act was passed, the industry has announced over 160 new manufacturing facilities or facility expansions, which are expected to provide over 100,000 new manufacturing jobs. Forty two of these are already in operation.

The total capital investment announced breaks down as follows: USD 61 billion for manufacturing, USD 363 billion for new projects, USD 47 billion for supply agreements and USD 28 billion for other investments.

Some USD 75 billion has already been invested in clean power projects built in the past two years, which have added more than 55 GW of capacity across solar, energy storage, onshore and offshore wind. A total of more than 300 GW of clean power capacity has been announced.

“While recent progress is nothing short of remarkable, our ability to deploy new capacity with adequate speed and scale requires dramatic efficiency improvements in federal, state and local decision making,” ACP chief executive Jason Grumet said, adding that ACP is encouraged by recent bipartisan progress to confront barriers to modernising America’s energy economy.

(USD 1 = EUR 0.916)

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