“Communities like coal communities have the knowledge, infrastructure, resources, and know-how to play a leading role in the move to a clean energy economy,” said Wally Adeyemo, Deputy U.S. Treasury Secretary.
CLEAN ENERGY
Must Be Equitable
Tax breaks could bring clean energy to coal and oil towns. New guidance from the Treasury Department is poised to help coal and oil communities tap major new clean energy investments boosted by incentives from the Inflation Reduction Act. Such projects can qualify for up to 40 percent tax breaks when sited in communities with at least 0.17 percent employment or 25 percent of its tax revenue coming from the extraction, processing, transport, or storage of coal, oil, or methane gas. Advocates say the need for these investments is vital in Appalachia, where the declining coal industry is drying up economic activity and where a renewable energy wave is just beginning to emerge. (Grist)
CLEAN ENERGY
Is Affordable
Used EVs are finally getting affordable. Good news for drivers: as EV production ramps up and companies like Tesla are cutting prices for new electric cars, the used EV market is finally coming around. While there was a period last year when used Teslas were selling for just a bit less than new models, average used EV prices are now down 4 percent compared to the same quarter last year and retailing at roughly $15,000 less than the cost of the average new EV. Coupled with tax credits of up to $4,000 for certain used EV buyers, these trends could help bring more EVs in reach of lower-income drivers. It seems to be working: in the first quarter of 2023, used EV sales were up 32 percent. (Jalopnik)
CLEAN ENERGY
Is A Good Investment
Hyundai invests $18 billion for EVs. In the latest sign that the auto industry is rapidly shifting to EVs, Hyundai announced the new multi-billion dollar investment with the goal of becoming one of the world’s top three EV manufacturers. The company plans to boost annual EV production in Korea to 1.51 million units by 2030, which would represent about 40 percent of global EV manufacturing. By 2030, the company expects to have 31 all-electric models on the market across its Hyundai, Kia, and Genesis brands. (Bloomberg $)
CLEAN ENERGY
Is Replacing Fossil Fuels
Renewables hit new global power records in 2022. Wind and solar generated 12 percent of the world’s power last year, up from 10 percent in 2021, according to analysis from climate think tank Ember. This trend made 2022 the cleanest year yet for worldwide electricity production. Solar was the fastest-growing electricity source for the 18th year in a row, growing 24 percent year-over-year. While the report found that 60 countries now generate 10 percent or more of their power from wind and solar, the analysts say much faster deployment is needed to clean up the global electricity supply and achieve global climate goals. (CNBC)
EPA sets aggressive rules to limit tailpipe pollution. The EPA unveiled its strongest-ever tailpipe emissions standards this week, and analysts say the proposed rules could significantly clean up the transportation sector while boosting the EV market. While the rules are technology-neutral and do not outlaw gas cars, automakers are already expected to spend $1.2 trillion to electrify their vehicle offerings by 2030. By 2055, the rules could remove nearly 10 billion tons of climate pollution from U.S. roads and save up to $1.6 trillion in healthcare-related costs from tailpipe emissions. The White House expects the new standards will work in concert with the Biden administration’s other efforts to support domestic EV production by boosting demand for zero-emissions cars. (The Detroit News)
Walmart is rolling out EV chargers. With EV sales reaching a tipping point, the retailer announced plans to add EV chargers to thousands of stores from coast to coast by 2030 — more than quadrupling its current network of about 280 locations. Walmart says the use of its existing EV chargers has grown substantially as EV sales have continued picking up nationwide. Given that EV charging access is one of the main concerns holding back prospective EV buyers, and considering that 9 in 10 Americans live within 10 miles of a Walmart, the company’s effort could give more drivers the confidence to make the switch. (Washington Post $)
CLEAN ENERGY
Is Challenging
Big oil is hiding behind big mammals to kill offshore wind. Threatened by offshore wind but lacking public support for fossil fuels, Big Oil groups are hiding behind self-described environmental groups and fishermen to try to halt offshore wind development while opposing environmental regulations and supporting more offshore drilling. Organizations with ties to right-wing fossil fuel interests like the Heartland Institute, Caesar Rodney Institute, and the Texas Public Policy Foundation have sued to stop offshore wind projects while promoting misinformation about the impacts of offshore wind development on marine wildlife. Most recently, such groups have exploited a spate of recent whale deaths to rile up communities against offshore wind, despite the fact that federal authorities and scientists have found no connection between offshore wind development and the whale deaths. (Boston Globe $)
MULTIMEDIA
Graph: Solar and wind growing faster than any other energy technology in the last 50 years
