United States President Joe Biden's 'Investing in America' agenda will translate into unprecedented private sector clean energy deployment in the country in the coming years, said the White House.
In its latest blog, the White House noted that the acceleration of clean energy deployment in the United States is much faster than previously expected.
"A central goal of the Investing in America agenda is to increase the amount of electricity generated from clean sources like solar and wind, which will lower energy costs, improve energy resilience, and cut greenhouse gas emissions," said the White House.
It added: "Near-term investments in manufacturing, coupled with incentives like tax credits, are intended to reduce the costs of deploying clean energy at scale."
Private Sector Catalyzing Clean Energy Growth in the US
According to the White House, private companies have announced nearly $880 billion in new investment, including over $410 billion in clean energy manufacturing, EVs and batteries, and clean power generation since January 2021.
Citing the latest Annual Energy Outlook by the US Energy Information Administration, the blog further pointed out that the United States is on track to have about 340 gigawatts of solar capacity by 2030—nearly twice the capacity forecasted in the beginning of 2021.
"In 2023, the United States added more utility-scale solar to the grid than ever before in history—and in 2024, planned projects are expected to more than double last year's record," said the White House.
Moreover, for wind energy capacity, the latest AEO forecast estimates that the United States will have about 300 gigawatts of wind capacity by 2030, a 43 percent increase from the 2021 projection.
Electric Vehicle Sales on the Rise
According to the blog, electric vehicle sales have risen rapidly from roughly 20,000 sales per month in 2019 and 2020, to over 95,000 per month in 2023.
"At the start of 2023, forecasters estimated that beginning in 2026, more than one million EVs would be sold each year, and by 2030, nearly 1.8 million EVs would be sold—more than five times the forecast in 2021. Actual sales have surpassed these forecasts," said the White House.
The report further noted that over one million EVs were sold in 2023—three years ahead of the projections made earlier this year and 18 years ahead of the projections made in the beginning of 2021.
The blog also highlighted that the deployment of clean energy in the United States will also contribute to the overall economic growth of the country.
"Manufacturing and deploying clean energy technologies enables the United States to accelerate towards meeting the Biden-Harris Administration's climate goals. Doing so means reducing the impacts of climate change by cutting emissions, while also improving energy security and reliability and spurring equitable economic growth," said the report.
It added: "Some of these investments are spread out over a decade, meaning many of the associated benefits will accrue over time. Forecasters' estimates preview some of these benefits to come."
