U.S. Climate Law Sparks Clean Energy Technology Surge

Climate activists have long pushed for the adoption of clean energy across various industries, and finally, it seems that their wish is coming to pass. In truth, the entire world is still many decades away from doing away entirely with fossil fuels. However, various organisations and nations prioritising global sustainability are adapting their technologies to favour green, clean energy. The United States, in particular, appears to be at the fore of this push, with President Biden’s landmark legislation in 2022 paving the way for a surge in clean energy technology.

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The U.S. Climate Law

America’s push for a transition to clean energy was significantly boosted with the passing of the Inflation Reduction Act of 2022. This legislation is arguably the most significant of its kind in the history of the U.S. The law stipulates almost $400 billion deployment over the next ten years to reduce carbon emissions. 

The U.S. Climate Law also targets cleaner transportation, which is the country’s most significant source of climate pollution. In turn, tech companies like Siemens and Tesla are benefitting from the demand for batteries for solar panels and charging stations. The new law is spurring a flood of investment in solar and wind-related manufacturing in the U.S. 

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Climate Law Targets and Prospects

Research carried out by the Rhodium Group suggests that the U.S. Climate Law will dramatically alter the arc of future U.S. greenhouse gas emissions, reducing them by about 31% to 44% in 2030. On the one hand, U.S. greenhouse emissions had been on course for increments of 24% to 35% by 2050 without the legislation. 

The report also predicts that clean power on the electricity grid will constitute between 60% and 81% of the overall by 2030. Nevertheless, it should be noted that despite the significant carbon emissions reduction projects spurred by the U.S. Climate Law, there’s still a massive shortfall in the official U.S. goal of achieving net-zero carbon emissions by 2050. 

Ongoing Developments in Clean Energy Technology

All funding for clean energy projects comes from the Greenhouse Gas Reduction Fund, which the country’s highest legislative body, Congress, set up in 2022. Recently, the Biden administration announced that $20 billion from the funds would be made available for clean energy projects like community cooling centres, EV charging stations and residential heat pumps. 

Additionally, two programs worth $6 billion and $14 billion, respectively, would offer competitive grants to community development banks and non-profit organisations to invest in projects for disadvantaged communities. 

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Conclusion

The federal investments mean that developers invested in building affordable housing will be able to install energy-efficient appliances in new units, helping tenants save on energy bills. Additionally, various institutions are benefitting from the initiative, with universities in Alaska, Maine, Nebraska, Kentucky and Nevada receiving grants to speed up innovation and research in renewable energy technology. 

In the coming years and months, Americans can expect to see intensified efforts at innovating clean energy technology as the country accelerates its plans to transition to net-zero carbon emissions by 2050.

Frequently Asked Questions

Why Is the U.S. Investing in Clean Energy Technology?

The need for increased investment in clean, renewable energy has become more pressing in light of the devastating effects of climate change. The U.S. is responsible for significant global carbon emissions, with the compounding adverse effects seen with increased floodings, wildfires, heatwaves, drought and other natural disasters across the country. Adopting clean energy technology can help the country drastically reduce its carbon emissions and slow the effects of climate change.

What Renewable Energies Is the U.S. Harnessing in Its Drive for Net-Zero Carbon Emissions?

Clean energy technologies like geothermal, wind and solar power are the primary beneficiaries of the U.S. Climate Law funding. Industries and projects involved in innovating passive solar homes, solar batteries, geothermal systems and heat pumps, and wind systems have received, and continue to receive funding from, the Greenhouse Gas Reduction Fund. 

What Is the U.S. Department of Energy Doing About the Drive Towards a Clean Energy Transition?

The U.S. Department of Energy has recently demonstrated its commitment to advancing renewable energy research in the country. To this effect, the department has allocated $33 million to fund several clean-energy projects to benefit places that historically get disproportionately reduced amounts of government-funded science research. The projects will cover various industries, including advanced manufacturing, wind energy, solar energy and grid integration.