One year into its campaign to reach $1 trillion in U.S. private sector investment in renewable energy and enabling grid technologies by 2030, the American Council on Renewable Energy (ACORE) is releasing a progress report tracking U.S. renewable investment and assessing the policy and market pathways needed to achieve $1T 2030: The American Renewable Investment Goal. The new report also includes an updated survey of America’s leading financial institutions that reports high near-term confidence for renewable energy growth over the next three years and a strong appetite for increased investment.
“Renewable energy remains one of the most attractive investment options in America today,” said Gregory Wetstone, ACORE’s President and CEO. “Over the long-term, however, the renewable sector is going to need predictable policy drivers, competitive power markets and a modernized grid to meet its potential and answer Americans’ growing calls for a clean energy economy.”
In 2018, the private sector invested more than $56.7 billion in U.S. renewable energy ($48 billion) and enabling grid technologies, including energy storage ($8.2 billion).
Among the key findings of ACORE’s new survey gauging investor confidence in the U.S. renewable energy sector:
The report outlines the progress that has been made since the $1T 2030 campaign launched in June 2018, including the adoption of ambitious renewable portfolio standards in multiple states. Over the past several weeks, a number of federal legislative proposals have also been introduced that could have important impacts for the renewable sector. These bills include a new tax credit for energy storage, new national renewable energy and clean energy standards, a federal price on carbon emissions, and a technology-neutral tax credit for carbon-free electricity generation.
The report concludes with ACORE’s near-term strategic focus toward achievement of the $1T 2030 goal, which includes acceleration of energy storage deployment, modernization of power markets, and an expanded marketplace that includes a broader pool of investors and buyers.
ACORE | http://www.acore.org