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THis week marks the third anniversary of the American Rescue Plan Act of 2021 (ARP), and U.S. Treasury Secretary Janet L. Yellen commemorated the occasion with a visit to Elizabethtown, Kentucky, to introduce the new Advanced Nano We inspected the products (ANP). ) facility. Secretary Yellen was also joined by Kentucky Governor Andy Beshear at the ANP meeting.
In August 2022, ANP, a supplier of carbon battery nanomaterials used in electric vehicle (EV) battery production, announced a $49.6 million investment in Hardin County. The project will create 93 jobs to supply battery producers, including BlueOvalSK Battery Park.
The enactment of the ARP in March 2021 laid the groundwork for the passage of the bipartisan Infrastructure Act, CHIPS and Science Act, and the Inflation Control Act (IRA). Ahead of Yellen’s visit to ANP, the Treasury Department released a new analysis of the IRA’s impact on bringing clean energy investments to communities on the front lines of fossil fuel production.
“Since the IRA was passed, $4.5 billion per month has been announced in the energy community, which is even more than the $3.5 billion announced elsewhere.”
— Treasury Secretary Janet L. Yellen
The new report builds on Treasury’s previous analysis and includes clean investment project announcements from the second half of 2023. In new data, Treasury economists continue to observe that more investments have been announced in sectors of the economy covered by the IRA since its passage. Clean vehicles, critical minerals, solar power, batteries, etc. continue to be particularly large in the energy community. These communities have historically relied on fossil energy jobs and tax revenues, including areas with closed coal mines and coal-fired power plants, as well as areas with significant employment and local tax revenues from fossil fuels and lower than average This includes communities with high unemployment rates.
New data suggests the IRA is on its way to achieving its goal of revitalizing communities on the front lines of fossil fuel production, where there is potential but little opportunity.
“We’ve seen a significant increase in investment,” Yellen said in prepared comments. “Since the administration took office, companies have announced approximately $650 billion in investments in clean energy and manufacturing across the United States. Investment in clean energy was just $2 billion a month compared to $2.5 billion elsewhere. Based on the latest Treasury analysis released today, the energy community The $4.5 billion announced each month is even higher than the $3.5 billion announced elsewhere.”
11 major U.S. clean energy projects announced
As of November 2023, companies have announced more than 265 new clean energy projects in 41 states since August 2022, when the IRA was signed into law. read more…
In their analysis, Assistant Secretaries for Economic Policy (PDO) Eric Van Nostrand and Matthew Ashenfarb said, “After the IRA’s passage, that figure would be nearly $4.5 billion a month for the energy community and much higher than for the rest of the United States. Clean investment announcements are increasing across the U.S., with growth particularly in the energy community. is remarkable.”
They go on to say, “Prior to the IRA, 68% of announced clean technology investments were in counties with median incomes below the U.S. gross median income. 75% go to counties where the median income is below the U.S. aggregate median.”
Check out all the latest economic developments, corporate relocation, corporate expansion, and site selection news related to clean energy and renewable energy.
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