A new analysis reveals that over $14 billion in clean energy investments in the US have been canceled or delayed this year, mainly due to concerns over President Donald Trump’s pending megabill and its potential impact on domestic battery, electric vehicle, and solar and wind energy development.
The tax credits, which are crucial for boosting renewable technologies, could be gutted by the House Republicans’ passage of a tax bill that would eliminate clean energy credits. This has led to fears over the future of clean energy investments in the US, with many companies canceling or delaying their plans due to uncertainty.
The analysis, released by nonpartisan group E2 and consultancy Atlas Public Policy, estimates that 10,000 new clean energy jobs have been lost since January. The losses also include $132 billion in planned clean energy projects, excluding those canceled this year.
Experts warn that the potential impact of the tax bill could be significant, with some Republican lawmakers urging the continuation of energy tax credits to prevent disruptions to the American people and the country’s position as a global energy leader.
While other countries are proceeding with green investments, including the European Union’s Carbon Border Adjustment Mechanism and a global carbon tax on shipping, the US is facing uncertainty over its clean energy future. However, new developments in April saw nearly $500 million in new clean energy projects announced, with Japanese manufacturing company Hitachi investing in solar manufacturing in Michigan.
Despite this, $4.5 billion in development was canceled or delayed last month, according to E2’s tally. The fate of clean energy investments in the US remains uncertain, but experts hope that a continued focus on green technologies will pave the way for future growth and development.
Source: https://apnews.com/article/climate-clean-energy-investments-trump-solar-wind-349e80c0d9c2cc768e63de9d48813d31