U.S. Energy Secretary Reveals How America Entices Companies With ‘Irresistible Tax Credits’ To Invest In Renewable
HOUSTON: United States Secretary of Energy, Jennifer Granholm, has revealed how the country attracts investment in renewables through “attractive irresistible tax credits.”
She also said America must lead in managing the global energy transition which she described as inevitable.
Granholm said this at the opening of the S&P Global CERAWeek 2024, THE WHISTLER can report.
The theme for this year focuses on “multidimensional energy transition” and Granholm mulled over efforts of President Joe Biden’s administration in providing leadership.
One of the methods the Biden government employed to entice companies to invest in renewable projects is tax credits, according to the Secretary of Energy.
She said, “We expect our electric grid will run on 80 per cent Clean Energy on the path to get to 100 per cent clean electricity by 2035.
“Most companies that are making investments in clean energy are not making these choices out of charity or because they’re nice to have and they’re doing it because their bottom lines demand a boost, by the way by incredible tax credits.
“So, we are in the middle of this historic transition. But as I said last year, we have to manage this transition and we have to lead it. We have to keep the lights on and we have to continue to invest in clean energy.”
The Secretary of Energy highlighted that Ukraine’s war disrupted global energy supplies but said the government and the energy industry work together to manage the crisis.
She said, “Our work together really has to extend beyond crisis management because the sooner that we acknowledge this transition for what is an undeniably inevitable and unnecessary realignment of the world’s energy system, the sooner we can capitalise on this incredible opportunity and that is the vision behind President Biden’s industrial strategy for clean energy.
“We’re no longer standing idly by and watching factories leave this country. We are seeing unprecedented investment in manufacturing and clean energy technologies 600 factories to build clean energy products announced since the passage of the President’s Investment in America agenda.”
She said 600 communities in America have seen economic revitalisation so far, over $200m and enhanced private sector clean energy investments.
According to her, a lot of Americans are taking advantage of those “irresistible tax credits.”
Granholm said, “Today, We, the United States, are leading all nations in our clean hydrogen strategy. Our $8bn investment and seven hydrogen hubs across the country are enabling companies to do everything from production to transport to offtake.
“Each regional hub is essentially its own ecosystem where they’re located. We’re creating tens of thousands of durable good-paying energy jobs with these hydrogen hubs and it doesn’t stop there.
“With these next-gen technologies, we are making transformative investments in everything from advanced nuclear carbon management, monitoring methane emissions to EVB batteries, advanced solar, wind and quantum technologies to building solutions to biofuels and more,” he added.
