June 20 (Renewables Now) - The American Council on Renewable Energy (ACORE) on Tuesday launched a campaign aimed at achieving USD 1 trillion (EUR 864bn) in US private sector investment in renewable energy and enabling grid technologies between now and 2030.
The campaign has been informed by a recent survey of top investors assessing confidence in the US renewable sector and the impacts of supportive policy reforms and market drivers.
The business group said that in the absence of new policies, most analysts expect the recent strong pace of US renewable investment to decline in the early 2020s, when renewable tax credits phase out. According to ACORE president and chief executive Gregory Wetstone, this will cause the US to cede leadership and the wide ranging economic benefits related to being a major player in the booming global renewable energy industry. "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," Wetstone added.
ACORE has created a list of policy reforms and market drivers to help reach the goal of USD 1 trillion in investment. These include a long-term federal policy commitment providing support for carbon-free electricity generation; federal, state and regional policies to promote grid modernisation; and continued expansion of state renewable portfolio standards.
The organisation said it will be engaging with key business and government leaders, releasing new reports, hosting events and taking other steps as part of the campaign. ACORE expects the USD 1 trillion in investment to be roughly split between direct private investment in renewable energy and investment in grid technologies such as energy storage.
(USD 1 = EUR 0.864)