WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 189
MARKET
DATA
• USA expected to triple renewable energy by 2030; Investment in clean energy increases to an estimated more than $300 billion in 2024, 1.6 times the 2020 level.
• In October 2023, the U.S. Government announced $3.46 Bn for 58 projects to strengthen grid reliability and resilience, sparking a combined public-private investment of $8 billion, and
bringing more than 35 GW of new renewable energy.
Regulations in the USA are enforced by several federal and state government
entities.
CO₂ emissions (million metric tons of CO₂ equivalents)
The Federal Energy Regulatory Commission (FERC) regulates the interstate
transmission of electricity, natural gas, and oil. While several federal o昀케ces
such as U.S. Department of Energy, Environmental Protection Agency and
others oversee speci昀椀c components of the oil and gas industry
2023 Electricity Mix
19.7%
24%
7000
5270.1
5197.2
0.2%
5130.1
5000
3608.0
3000
New generation capacity- Wind (in GW)
19%
1000
2021
2022
2023
37%
2030
Source: EIA
279.4
300
Coal
Oil
Natural Gas
Nuclear
Renewable Sources
Source: Statistical Review of World Energy Data 2024 , EIA
250
200
150
148.0
New generation capacity- Solar (in GW)
0.2%
100
2030 Electricity mix
2023
2030
Source: IRENA, Internal Forecast
300
139.0
100
U.S. Energy transition investment, by sector
$ Billions
350
300
0
2023
2030
Coal
Oil
Natural Gas
Nuclear
Renewable Sources
18%
Source: EIA
Sources: IRENA, Internal Forecast
Hydrogen
200
Clean Industry
Energy Storage
Electri昀椀ed Heat
50
2007 2009 2011 2013 2015 2017 2019 2021 2023
Electri昀椀ed Transport
Power Grids
Renewable Energy
2023 Electricity consumption
by sector
9%
Clean energy
Investment Tax Credit
30% credit for qualifying investments in wind, solar, energy
storage, and other renewable energy projects
48C Advanced Energy
Project Investment Tax
Credit
additional $10 billion, a 30% credit for facilities that
manufacture clean energy technologies; facilities that reduce
their emissions by at least 20%; and facilities that work in critical
minerals processing, re昀椀ning, and recycling
45X Advanced
Manufacturing
Production Tax Credit
per-unit production incentive for clean energy technologies
that are domestically manufactured. Eligible technologies include
solar, wind, battery storage components
Residential
21%
36%
Sources: Sustainable Energy in America 2024 Factbook
Services
Industry
Sources:
https://www.energyinst.org/_ _data/assets/pdf_file/0006/1542714/EI_Stats_Review_2024.pdf
https://iea.blob.core.windows.net/assets/86ede39e-4436-42d7-ba2a-edf61467e070/WorldEnergyOutlook2023.pdf
https://iea.blob.core.windows.net/assets/60fcd1dd-d112-469b-87de-20d39227df3d/WorldEnergyInvestment2024.pdf
https://www.eia.gov/environment/emissions/carbon/
https://www.eia.gov/outlooks/aeo/pdf/AEO2023_Narrative.pdf
https://home.treasury.gov/news/press-releases/jy1830#:~:text=The%20Inflation%20Reduction%20Act%20modifies%20and%20extends%20the%20
Renewable%20Energy,meet%20prevailing%20wage%20standards%20and
https://www.eesi.org/briefings/view/092823ira
https://www.eia.gov/tools/faqs/faq.php?id=427&t=3#:~:text=In%202023%2C%20about%204%2C178%20billion,facilities%20in%20the%20United%20
States.&text=About%2060%25%20of%20this%20electricity,%2C%20petroleum%2C%20and%20other%20gases.
https://www.enerdata.net/estore/energy-market/united-states/
https://www.energy.gov/oe/electricity-101#sys2
https://guides.loc.gov/oil-and-gas-industry/laws/agencies
https://www.whitehouse.gov/briefing-room/statements-releases/2023/10/30/fact-sheetbiden-harris-administration-announces-historic-investment-to-bolsternations-electric-grid-infrastructure-cut-energy-costs-for-families-and-create-good-paying-jobs/
https://about.bnef.com/blog/1h-2024-us-clean-energy-market-outlook-moving-past-2030/
Energy tax credits and subsidies
WEMO 2024
150
100
0
25%
49%
Nuclear
CCS
250
8%
549.6
600
189
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Others
34%
Sources: Enerdata
