Since President Joe Biden's major legislative moves aiming to jumpstart the United States towards a clean energy future, private investment in clean technology is surging. The recent report showcases gains in areas like manufacturing, solar and wind energy capacity, and electric vehicles, according to a mid-year update released by the White House.
The Bipartisan Infrastructure Law and Inflation Reduction Act have injected optimism and no small sum of money into these sectors, sparking an investment boom. Since January 2021, companies have committed to nearly $880 billion in investments, with clean energy manufacturing, electric vehicles (EVs), and batteries leading the charge. According to the report, manufacturing facility construction has doubled since the Biden Administration took the reins, outperforming other non-residential construction by a country mile.
On the energy generation front, the advancements are significant. In the wake of the Inflation Reduction Act's passage, solar manufacturing investment has jumped to around $17 billion—a 31 percent increase from six months earlier. Wind energy isn't far behind, with a projected 300 gigawatts of capacity by 2030. These figures represent a profound leap ahead of previous expectations and a tangible step towards a renewable-driven electrical grid.
Moving to storage, the linchpin for intermittent renewables like solar and wind, the scale-up is nothing short of historic. Energy storage capacity is growing faster than anticipated, with projections signaling a doubling of what was expected just this year. Electric vehicles, too, are hitting the road in droves, with sales outperforming estimates and more than one million EVs sold in 2023 alone—years ahead of schedule.
