The Biden-Harris Administration is delivering on an unprecedented industrial strategy for clean energy, investing in research and development to cut the cost of emerging technologies and helping de-risking investments in solar, wind and geothermal energy, U.S. Secretary of Energy (SOE) Jennifer Granholm told the Business Forum of the Partnership for Transatlantic Energy and Climate Cooperation (P-TECC) on Tuesday.

„In the U.S., the Biden-Harris Administration is delivering on an unprecedented industrial strategy for clean energy. We’re investing in research and development to cut the cost of emerging technologies – like advanced nuclear and carbon capture – just like we did back in the 2010s to slash solar costs 75%. And we’re helping to de-risk investments in proven solutions – like solar, wind, and geothermal – with tax incentives for manufacturing and production. This strategy is working,” she said

She added that between the Inflation Reduction Act and the Bipartisan Infrastructure Law, the Department of Energy has announced more than USD 70 billion in clean energy grants and loans.

„The private sector has responded by announcing $213 billion of its own investment in clean energy manufacturing since the President came into office.”

According to Granholm, in total, companies have announced plans for over 700 new or expanded factories, and it’s not just American companies benefitting. Of all of the clean energy manufacturing investments in the U.S. between 2021 and 2023, more than half were either foreign companies or joint ventures.

„And since the passage of the IRA, countries around the world have put forward similar incentives – from Canada to France and Germany.”

High-ranking representatives from the public and private energy sectors met on Tuesday at the Parliament House in Bucharest for a Business Forum meeting of the Partnership for Transatlantic Energy and Climate Cooperation (P-TECC) and the Green Cities Alliance event to discuss energy security, energy transition, infrastructure projects and how cities are implementing strategies to accelerate clean paths.

The events take place during the fifth meeting of the P-TECC, organised by the U.S. Department of Energy, the Romanian Ministry of Energy and the Atlantic Council, and they are scheduled to continue on Wednesday with a ministerial meeting that will focus on the role of industrial policy in achieving transatlantic energy security and climate goals.

AGERPRES