The Energy Department offers $425 million in clean energy funding to states.
Quote of the Week:
“There seems to me to be almost no reason not to do [clean energy projects] anymore,” said Pilar Thomas, a lawyer explaining why clean energy will take off in tribal communities.“Obviously, every tribe’s circumstances are different, your utility circumstances are going to be different, but when you’re going to get a big fat check back from Uncle Sam to help pay for it, and you’re going to save who knows how much money in electric bills just to start, it becomes a virtual no-brainer.”
CLEAN ENERGY
Must Be Equitable
Inflation Reduction Act could boost renewable energy in Indigenous lands. Because the bill makes tax-exempt entities like tribal governments eligible for direct-pay refunds on clean energy tax credits, tribal communities are on the cusp of a clean energy revolution. While tribes have traditionally relied on federal grant funding for energy projects, the new law provides flexibility and reduces the competition tribes face in receiving support for clean energy infrastructure. The new rule could, for example, offer tribes a 30 percent tax credit on expenses from a $100 million utility-scale solar installation, plus bonus credits for building on tribal land or building microgrids. (Tribal Business News)
CLEAN ENERGY
Is A Good Investment
Clean energy is a better buy than fossil fuels. The energy transition is well underway as renewable energy continues to grow and take up a greater share of the U.S. electricity mix, and investors should pay attention. Between 2021 and 2022, the country added 70 terawatt-hours (TWh) of wind and solar capacity, compared to just 39.7 TWh of methane gas while coal power declined by 27 TWh. With clean energy expected to continue this growing trajectory, clean energy stocks are booming and poised to deliver strong returns to investors. (TheStreet)
CLEAN ENERGY
Has Many Benefits
California turns to solar panels to fight drought. To fight both climate change and growing drought conditions, California is launching an experiment to cover aqueducts with solar panels to reduce evaporation rates. Similar projects have been undertaken in India, though this is the first of its kind in the U.S. The effort would also boost California’s energy supply without taking up farmland and is expected to reduce aquatic weed and algae growth. If the effort were expanded to cover all 4,000 miles of the state’s canals, it could produce roughly half of the clean energy California needs for its climate goals. (Reuters)
CLEAN ENERGY
Is Replacing Fossil Fuels
California phases out new gas cars as other states follow suit. The California Air Resources Board voted last week to shift California to 100 percent zero-emission car sales by 2035, the most ambitious policy of its kind in the country. Experts say the new rule will complement the Inflation Reduction Act and could be one of the country’s most important policies to cut climate pollution, CBS News reports. California is not alone in accelerating the shift to electric vehicles, writes The Hill. Oregon, Washington, Virginia, Massachusetts, and New York have all announced similar policy measures with the same timeframe. (CBS News, The Hill)
New climate law will spark a clean energy boom. The Inflation Reduction Act is expected to double the U.S. capacity of solar and wind projects, The Guardian reports. Analysts say the legislation will help the U.S. reach between 72 and 85 percent clean electricity by 2030 and jumpstart U.S.-based clean energy supply chains. Such investments are already growing in the wake of the legislation, including a $1.2 billion investment by American solar panel manufacturer First Solar to expand its domestic manufacturing footprint. Bloomberg writes the company will expand its existing Ohio facility by 900 megawatts, and will build a new 3.5 gigawatt site in the U.S. Southeast. (The Guardian, Bloomberg $)
Energy Department will dole out $425 million in state clean energy funding. The Energy Department announced it would begin accepting applications for $425 million in formula funding covering a range of clean energy projects, including renewable energy development, energy efficiency improvements, and electric vehicle charging stations. Experts see the funding’s flexibility as an asset since states are pursuing different kinds of clean energy policies. This round of funding comes on the heels of the infrastructure law and Inflation Reduction Act, both of which include significant investments meant to support clean energy development nationwide. (Utility Dive)
CLEAN ENERGY
Is Challenging
Deep sea mining risks financial and environmental injustice. As the energy transition accelerates and the demand for key minerals grows, new focus is forming around the prospect of mining deep seabeds for key minerals and metals. But on top of the environmental risks of the untested mining method, a New York Times investigation has revealed deep governance issues and possible corruption in the relationship between the International Seabed Authority and major international mining companies. Although it is officially supposed to prioritize opportunities for developing countries, the Seabed Authority includes many employees with ties to the mining industry and has violated its own rules by giving preference to mining companies that have aggressively lobbied the agency for more than a decade. (New York Times $)
MULTIMEDIA
Map: Interactive map of global electricity generation and climate impacts
