Building a Thriving Clean Energy Economy in 2023 and Beyond

Heather Boushey, Chief Economist, Investing in America Cabinet Justina Gallegos, Deputy Director for Industrial Innovation, Office of Science and Technology Policy In 2021 and 2022, President Biden signed into law his Investing in America agenda, a series of strategic public investments in industries critical for the long-run economic growth of the United States. This included the largest investment in reducing carbon emissions in American history. The clean energy investments in the agenda—primarily in the Bipartisan Infrastructure Law and the Inflation Reduction Act—include incentives for manufacturing across the clean energy supply chain, investments in demonstration projects, loans and loan guarantees for a variety of technologies, and production and investment tax credits for clean energy generation. This suite of public sector tools provides unprecedented investment certainty to the private sector, with several provisions of the Inflation Reduction Act extending over a decade. The most recent available data indicate that the President’s agenda has supported robust investment in the construction of manufacturing facilities and strong performance in key targeted industries including solar and wind energy, grid energy storage, and electric vehicles. This brief highlights progress-to-date towards deploying these clean energy technologies. It describes how the President’s Investing in America agenda is translating into tangible outcomes and progress towards the President’s climate goals, and it outlines how the deployment of clean energy technologies will lower greenhouse gas emissions, improve energy security, and spur economic growth. Investment in the construction of clean energy manufacturing facilities is exceeding expectations As explained in a recent issue brief , the Investing in America agenda is intended to catalyze strategic private sector investments, and initial signs indicate that private companies are already responding. Since January 2021, private companies have announced over half a trillion dollars in new investment, including nearly $360 billion in clean energy manufacturing, EVs and […]

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