Following the first year of Biden’s Inflation Reduction Act, the largest federal investment in climate and clean energy ever, a new report from the American Clean Power (ACP) Association shows a surge of investment in North Carolina’s economy.
According to the ACP Association’s report, the state’s energy grid is fueled by almost 10% clean energy, enough to power 1.1 million homes. Additionally, the report projected clean energy generation in North Carolina will double by 2030.
Jason Grumet, ACP CEO, says that the long term commitments spelled out in Biden’s IRA have spurred a boost in private sector investment in clean power, including from foreign investors.
“This is not just producing low cost clean energy using free fuel right here in America, but it’s also now really started to rejuvenate the American manufacturing base putting us in a stronger position to compete with China for the global export market,” Grumet said.
As it stands now, $16 billion has been invested in clean energy in North Carolina, with approximately $18 billion more expected by 2030. While there’s been record growth, Grumet pointed to roadblocks slowing the transition to a net-zero grid.
“For the real achievement, we’re going to need more transmission to move the clean power from where it’s produced, often in rural areas to the cities, and we’re going to need a much stronger permitting system that allows us to build these facilities faster,” Grumet said. “It just takes too long in the United States.”
The White House recently launched an investment tracking tool that highlights new investments across NC, such as commitments from VinFast in Chatham County, Wolfspeed in Pittsboro, and Toyota in Liberty. Together the companies estimate their new facilities will provide more than 11,000 jobs in North Carolina.