5 Reasons the future of U.S. renewables looks brighter
EV charging in the U.S. (Unsplash)
With over 742 million MWh generated from renewable sources in 2018, the United States is already one of the world's biggest markets for clean energy. As key stakeholders aim to capitalise on the abundance of renewable energy sources, as well as the ever-decreasing cost of solar and wind, recent developments look set to further reinforce the country's status as one of the leading markets for renewables. Here we look at five key factors that are poised to catapult a country, already on the verge of a green energy revolution, to the next level.
1. The US looks set to re-join the Paris Climate Agreement
The Paris Agreement is the world's first legally binding international climate agreement. Aimed at providing the framework required for climate-neutrality, the agreement hopes to limit global warming to below 2°C. With the US set to return to the global accord, after a brief spell on the sidelines, the country is sending a strong signal that it is once again prioritising the fight against climate change and the required shift towards clean energy and technology that this entails.
2. Financial incentives for renewables
In an effort to supercharge the renewable energy sector, the incoming US administration has promised to provide and reinforce existing financial incentives for companies providing clean energy. Proposals are in place to renew an Investment Tax Credit (ITC) program, to reinstate additional tax credits, and to implement an Energy Efficiency and Clean Electricity Standard, that would favour companies providing renewable energy, including energy storage. These financial incentives are key to creating an economically attractive environment, as the sector looks for the large-scale investment required for a green energy transition.
3. $2 trillion investment plan
Technological revolutions cost money and the transition to green energy will be no different. While the much-touted Green New Deal may be too ambitious in the current political climate, the next administration has proposed a four year $2 trillion climate plan to fund their green energy initiatives and to end power plant emissions in the country within the next decades. If approved, this money would be spent on a wide range of activities, including R&D investment, clean energy deployment, and promoting EV production. It also includes an ambitious plan to install renewable infrastructure in rural communities throughout the country.
4. Carbon Neutral by 2050
Like many other countries, the US has ambitious plans to become carbon neutral by the middle of the century - the date outlined by scientists as the point of no return for stalling an environmental catastrophe. The country has already seen a 24% reduction in emissions in its power sector between 2000 and 2018 and the share of renewables in their production capacity continues to increase. The sweeping proposals outlined in the $2 trillion investment plan will go along way to ensuring the country remains on target to meet its ambitions by 2035.
5. And finally... an abundance of natural wealth
The US is home to some of the planet's great natural resources, including some of the best solar and wind regions in the world. With the cost of solar and wind energy production continuing to fall to prices below fossil fuels, the big challenge now is finding both reliable and economically viable solutions to store this energy.
What we are doing at Azelio: MoUs with two American companies in California, along with our ongoing work with US safety science company and certification body UL and the California Solar & Storage Association (CALSSA), make Azelio well-positioned to provide the necessary technology advancement to ensure the U.S. realises its green energy ambitions by providing clean and affordable energy to end-users. Our long-duration energy storage system is ideally placed to meet the energy demands of a variety of customers in the country, including those in the agriculture, mining, water, and tourism sectors.
If you are interested in speaking with us about our presence in the U.S. please contact:
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