A national nonprofit group comprised of major financial and technical businesses, utilities and educational institutions has launched a new campaign to raise $1 trillion for investment in renewable energies by 2030.
The American Council on Renewable Energy, or ACORE, includes numerous groups vital to raising the capital needed for energy infrastructure projects. The group includes Amazon, BlackRock, Deloitte, Google, IBM, Morgan Stanley, NRG Energy, Consolidated Edison, Salt River Project, Wells Fargo, universities and advocacy and research organizations, among more than 100 members.
The campaign, called “$1T 2030: The American Renewable Investment Goal,” will be roughly split between direct private investment in renewable energy and in grid technologies such as energy storage. The move is meant to combat an expected decline in renewables investment after tax credits phase out, according to the ACORE release.
“Renewable energy has come a long way and is economically competitive, but if we accept business-as-usual projections that predict a decline in annual investment and deployment levels in just a few years due to an uneven policy playing field, we will cede U.S. leadership and the immense range of economic benefits that come from being a dominant player in this booming global industry,” ACORE CEO Gregory Wetstone said during opening remarks at the Renewable Energy Finance Forum-Wall Street this week. “With the $1T 2030 campaign, the investment community is charting a course to modernize America’s energy infrastructure that will create massive economic opportunities over the next decade and beyond.”
A recent survey report of financial sector leaders conducted by ACORE recently found that two-thirds of respondents plan to increase investments in renewables this year by 5 percent over 2017. Nearly 90 percent said they would double their investments over the long haul under an “ideal policy and market scenario,” but more than half are worried about a lack of federal policy drivers for renewable funding.
“While existing tax credits for renewables remain on schedule to phase out after 2021, federal policy signals will remain important for supporting long-term investor confidence,” Wetstone wrote in the report’s opening statement. “Respondents also expect states to play a particularly significant role in stimulating demand through ambitious renewable portfolio standards.”
Twenty-nine states touted renewable portfolio standards as of August 2017, according to the National Conference of State Legislatures. Iowa was the first state to develop such a standard, while Hawaii has the most aggressive by planning to reach 100 percent renewables by 2045, according to reports.
The ACORE pact apparently hopes to spur American progress on renewables despite the Trump Administration’s withdrawal from the Paris climate accord and other steps away from Obama-era environmental moves.
“If the campaign reaches its goal, America will close the innovation and investment gap with other nations, build on the impressive track record of job creation in wind, solar and related fields, and stay within striking distance of the U.S. commitment for greenhouse gas emission reductions outlined in the Paris Accord,” the ACORE release reads.