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Biden’s climate law is reshaping private investment in the United States

By illuminem briefings 🌎

Sep 14 2023 · 1 min read

Illuminem Voices
Renewables · Wind · Solar

illuminem summarizes for you the essential news of the day. Read the full piece on The New York Times or enjoy below

🗞️ Driving the news: President Biden's enactment of a sweeping climate bill last year resulted in a significant uptick in private investments in clean energy technologies, including solar panels, hydrogen power, and electric vehicles
• Investments have poured into states like Tennessee, Michigan, and Nevada, matched by an uptick in electric car and solar panel spending in California, Arizona, and Florida

🔭 The context: The policy, supported solely by Democrats, offers tax incentives and federal subsidies, influencing both corporate and consumer spending patterns in the US

🌍 Why it matters for the planet: In the year following the law's passage, clean-energy technology expenditures constituted 4% of national investments, doubling from four years prior and underscoring the strategic shift towards sustainable practices

⏭️ What's next: The law hasn't yet jump-started the wind power sector — in fact, domestic investments in this area have dropped over the past year despite the legislation's incentives
• Policymakers ought to focus on reducing legislative hurdles for wind projects to incentivize greater investment in them 

💬 One quote: "The incentives [...] fundamentally change the economics of those two technologies, making them broadly cost-competitive for the first time," (Trevor Houser, Rhodium Group)

📈 One stat: Investments in clean-energy technologies reached $213 billion in the year following the climate bill's approval, an increase from $155 billion the prior year

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