The climate crisis is too urgent to let this slowdown continue.
John,
In order to reach the Biden administration’s goals of cutting carbon emissions in half by 2030, we need to ramp up the volume of sustainable energy production rapidly. But this past financial quarter has been the slowest for renewable energy installations since 2019.
While there has been an uptick in clean energy storage, the American Clean Power Association found that in the second quarter of 2022, only 5 new wind projects and 41 solar installations were completed. That's a 55% drop in comparison to this time last year. This is a massive setback for our clean energy future.
There are a few key reasons why we see such a significant dropoff in advancing sustainable energy production. Earlier this year, the Commerce Department launched an investigation into solar panel tariffs, which turned the solar industry on its head. And while President Biden ordered the tariffs to be paused, 83% of US-based solar installers reported canceled or delayed supplies for solar panels before action was taken. Supply chain issues and delays have also put clean energy supplies in a pinch.
On top of this, renewable energy support has had a rough road in Congress. A tax credit for wind production was supposed to be included in the Build Back Better bill, which died in the Senate last year.
This is just further proof that the climate package sitting in the Senate cannot wait any longer. $369 billion – the most significant expenditure on climate in history – will be allocated toward combating climate change through clean energy investments. This climate package will move the boulders standing in the way of our wind and solar installations and help us get back on track with our emission goals.
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