US: The green energy initiatives to keep an eye on this year
Green energy and projects associated with it is a theme that we have covered a number of times on our blog. Typically, we discuss the advancements in the sector within Latin America in order to present some of the investment opportunities for foreign residents looking to integrate into the region. However, we are going to explore some of these parallel opportunities coming out of the United States this year, namely because some of the most prominent nations on a global level can be overlooked in favour of other nations where development may be booming out of seemingly nowhere. Not only this, but as some nations slowed down in terms of development during the COVID-19 pandemic, the United States continued to diversify the green energy market and so we feel it is necessary to look into some examples a little more today.
Before our specific examples, some of the numbers and facts surrounding the US green energy market will be useful in contextualising the situation in the nation. Since the election of President Biden, the US will re-join the Paris Climate Accord, an extremely significant move for the industry as it will permit greater investment in renewables and allow for the nation to take greater strides towards net-zero emissions than otherwise would be the case. To be more specific we are looking at a US$2 trillion investment into the clean energy market, including innovation and development of projects, providing work and opportunities for further investment. Some key dates to throw into the mix at this point are 2035 and 2050, the former being the target for the decarbonising of power production and the latter for the net-zero carbon emissions we briefly mentioned earlier. This is all key to understanding the potential for your investments within these sectors within the US, as this is a project which will only gather more momentum as time goes on. So, could now be the time for you to invest?
Powered by sPower, and one of the most interesting choices to explore in the solar energy sector in terms of demonstrating the kind of projects underway already to get you thinking about your own investment, Spotsylvania presents how renewable energy has been able to thrive during the pandemic. It will provide 620 megawatts worth of power, which is a huge amount, providing 700 work positions and, the best news, all of this has been taking place right throughout the pandemic and is due to be finished this year. Solar energy is one of the many options for renewable investment, however, with more projects like this on the horizon in the US and further afield, it could be worth considering for your own investment given the tried and tested nature of Spotsylvania.
Kitty Hawk Offshore Wind Farm
Our other example for today comes from Avangrid Renewables and is located in North Carolina. It is important to mention as it embodies the diverse nature of the renewables industry and provides further evidence as to why the US is such a good place for investment in the industry. It covers a space of 122,405 acres offshore and is aimed to be producing power by 2030. Now, this seems a way off, however, it is well ahead of the anticipated decarbonising of power, and therefore demonstrates an exciting potential. In terms of the power produced, it is hoped to be 2.5 gigawatts, so, slightly less than our other example yet in the grand scheme of things, a great deal of clean power the world is in desperate need of. Changing climates is leading to a desire for more projects of this sort, we need to harness our environment to prevent further change, and wind power is one of the pioneering methods for doing so, so perhaps it could be the right sector for your investment.
If you want to invest in renewable energy in the US and have any questions, please feel free to contact us today. At Creimerman, our team of global citizens provide a bespoke service to our clients, and we would love to explore your opportunities in the US and be by your side on your professional journey.