A quick roundup of renewable energy:
In December 2024, some significant developments occurred in U.S. renewable energy legislation:
- Energy Permitting Reform Act of 2024: This bipartisan bill, introduced by Senators Joe Manchin and John Barrasso, aims to streamline the federal permitting process for energy and mining projects. Key provisions include setting a new goal to authorize 50 GW of renewable energy on federal land by 2030 and shortening judicial review timelines to expedite project approvals. Source: Power Engineering
- Finalization of Advanced Manufacturing Production Tax Credit Rules: The U.S. Department of the Treasury issued final rules for the advanced manufacturing production tax credit under Internal Revenue Code Section 45X. These rules define eligible components, including solar and wind energy components, inverters, and qualifying battery components, providing clarity for manufacturers in the renewable energy sector. Source: Novoco
- Approval of Major Transmission Projects: The Department of the Interior’s Bureau of Land Management approved the construction of the Greenlink West transmission line in Nevada. This 350-mile line is expected to unlock 4 GW of solar capacity, facilitating significant solar development in the region. Source: Reuters
With the election of President Donald Trump, there is uncertainty regarding the future of renewable energy policies. During the campaign, Trump expressed intentions to roll back certain clean energy incentives and impose tariffs on renewable-energy equipment. However, the renewable energy sector has shown resilience, driven by declining costs and increasing demand for clean energy. Analysts suggest that while the Trump administration may slow the growth of renewable energy, it is unlikely to halt the ongoing transition entirely. Source: NewsNation Now
Additionally, some Republican lawmakers have expressed reluctance to dismantle existing renewable energy legislation, such as the Inflation Reduction Act, due to its economic benefits and job creation in their constituencies. This suggests that, despite potential policy shifts, significant portions of renewable energy legislation may remain intact. Source: The Wall Street Journal
Recent Developments in U.S. Renewable Energy Policy
Reuters: US power line approvals unlock giant solar, storage
The Wall Street Journal: Trump Vowed to Kill Biden’s Climate Law. Republicans Say Not So Fast.
AP News: Trump has vowed to kill US offshore wind projects. Will he succeed?