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U.S. spending on renewable energy projects reached record levels last year, according to a new analysis released this week, but the pace was still insufficient to meet the Biden administration’s goal of reducing greenhouse gas emissions by 40% by 2030.
A joint report from researchers at Princeton University, the Massachusetts Institute of Technology, the Rhodium Group and the nonprofit Energy Innovation says large clean energy installations for utilities are being slowed down by permitting and delays in grid interconnection, as well as equipment supply problems, but sales of electricity vehicles meet researchers’ forecasts.
Zero-emission vehicles accounted for 9.2% of light-duty vehicle sales in 2023, at the high end of a projected range of 8.1% to 9.4%, according to the report, which also projects that vehicle growth Electric vehicle sales this year will be lower than last year’s 50% increase. but would remain on track to meet U.S. climate goals if held within 30%-40%.
Zero-emission electricity generation and storage increased 32% last year to 32.3 GW, but lagged models from research groups that said annual additions of 46-79 GW were needed.
According to the report, the United States will need to add 60-127 GW of capacity this year to stay on track, and beyond 2024, clean energy installations will need to increase further to 70-126 GW/year.
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