The outcome of the US presidential election could have significant implications for global energy dynamics. However, Rystad Energy’s analysis suggests that the domestic renewable energy and cleantech sectors will continue to thrive, even in the event of a Republican victory. This trend is expected to be particularly pronounced in Republican states like Oklahoma, Iowa, Florida and Texas, where substantial investments in manufacturing and other infrastructure are driving a surge in job creation.
Rystad Energy projects that by 2030 these states will account for 57% of all US battery cell manufacturing capacity and 59% of solar PV cell and module production, as well as 95% of all hydrogen production capacity and 83% of carbon capture capacity. This underscores the transformative impact that cleantech has had on infrastructure and employment, particularly in swing states – those that are not firmly aligned with either major political party and could be won by either side in the upcoming election. The continued investment in cleantech industries highlights the economic benefits of renewable energy and underscores the impact of the 2022 Inflation Reduction Act (IRA).
"Cleantech is increasingly becoming a bipartisan success story in the US. This is underscored by our analysis, which shows the bulk of cleantech projects, from solar and batteries to hydrogen and carbon capture, are located in Republican strongholds. The tangible economic benefits are driving widespread support, ensuring that the economic momentum behind cleantech is likely to remain robust even under a potential Republican presidency. These sectors are poised to continue expanding, whether we see a red or blue outcome in November," says Lars Nitter Havro, head of Energy Macro Research, Rystad Energy.
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