New Study: Clean Energy Transition Now Hard-Wired Into the U.S. Economy; Eleventh annual edition of the Sustainable Energy in America Factbook highlights national data on the U.S. energy transition in 2022

March 1, 2024 (Bloomberg NEF)

“…[T]he U.S. economy is now firmly on the clean energy transition path to drive down emissions and create economic opportunities…even as supply chain disruptions, an international energy crisis, and rising interest rates elevated prices for key energy commodities, according to the 2023 Sustainable Energy in America Factbook…The Factbook reveals that 2022 represented a record-breaking year for energy transition investment, with global financing for technologies to decarbonize the world’s economy exceeding $1 trillion. In the United States, energy transition investment rose 11% year-on-year to $141 billion…

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…[R]enewable generation rose at the fastest pace among major sectors with a 13% year-on-year rise to its highest level ever…Renewables and natural gas have grown from a combined 43% of total U.S. power generation to 62% in just a decade. Zero-carbon power (renewables and nuclear power) comprised 41% of generation. The clean energy economy was also driven by investment in innovative decarbonization technologies...

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Post-Inflation Reduction Act commitments to the North American battery supply chain reached almost $17 billion by the end of 2022…even as the industry grappled with higher prices, rising interest rates, and supply chain issues…For the second year in a row, U.S. natural gas prices increased due to rising demand for natural gas at home and abroad, in part due to the conflict in Ukraine. The growth of the clean energy sector amid these difficulties suggests that the clean energy transition has become cemented within the U.S. economy…As a result, clean energy played a leading role in the U.S. economy in 2022 and set the stage for even more growth in 2023….” click here for more

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