ACP: Clean energy industry spurs ongoing U.S. economic growth

The U.S. clean energy industry’s $500 billion in planned new investments have spurred the American economy and created tens of thousands of new jobs during the last two years, according to a newly released report from the American Clean Power Association (ACP).

“These historic investments are providing a powerful engine for job creation across the nation,” said ACP Chief Executive Officer Jason Grumet.

Highlights from ACP’s 2024 Clean Energy Investing in America report include historic investments announced for the U.S. clean energy economy since August 2022, including total capital investment of $500 billion; manufacturing investment of more than $60 billion; and $75 billion into projects that have come online in the last two years.

In manufacturing, the clean energy industry plans to build or expand more than 160 domestic manufacturing facilities that are expected to produce some 100,000 new manufacturing jobs nationwide, according to the report.

“As demand for electricity continues to rise, clean power is answering the call and propelling a new era for American manufacturing,” Grumet said.

Specifically, clean energy manufacturing is also significantly contributing to American employment opportunities with a total of more than 100,000 total new manufacturing jobs announced — 20,000 jobs generated by operational facilities and 80,000 jobs expected from facilities in development, the report says.

The total new manufacturing facilities announced by the industry include 161 facilities, with 42 of them already online and operating, and another 119 in development.

ACP also says in the report that more clean power is on the way as the clean energy sector continues to expand its generating capacity.

Thus far, over 300 GW of capacity has been announced, with 55 GW of capacity having been built. These operating projects generate enough energy to power the equivalent of over 10 million American homes, according to the report.

“While recent progress is nothing short of remarkable, our ability to deploy new capacity with adequate speed and scale requires dramatic efficiency improvements in federal, state, and local decision making,” Grumet said, adding that ACP is encouraged by recent bipartisan progress to confront barriers to modernizing America’s energy economy.

“If we combine innovations in technology and governing, it is possible to achieve an energy system that is reliable, affordable, secure, and clean,” he added.

Alongside the new data, the report presents stories of how the new “clean energy manufacturing renaissance” is revitalizing local economies.

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