California… (+) At the Googleplex, search engine company Google’s headquarters in the Silicon Valley town of Mountain View, small electric vans are parked in the shade of a solar array that powers the van’s charging stations. Masu. Other charging stations and electric vehicles are visible in the background in Mountain View, California, August 24, 2016. (Photo credit: Smith Collection/Gado/Getty Images).
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The retail sector is a surprising leader in green investment in the United States. This is according to the Clean Investment Monitor by Rhodium Group and the Massachusetts Institute of Technology Center for Energy and Environmental Policy Research. The publication collects data on investments by retail, energy and industry as well as the manufacturing sector, and includes data on EV production and purchasing, green energy capacity expansion and carbon management, battery technology, energy storage, and energy We are investigating investments in heat pumps, etc.
In the second quarter of 2024, the U.S. retail sector invested approximately $33.6 billion in green technology or clean energy, outpacing the energy and industrial sector’s $23.5 billion. Manufacturing ranked third with $19.2 billion. Retail spending is focused on EVs and other zero-emission vehicles, giving the sector an accessible and easy way to invest in clean energy. In other areas, more expensive and bespoke solutions may be more difficult to invest in or take more time, which may explain some of the delays. However, investment in manufacturing has increased even more rapidly recently. This change is related to major investments in battery manufacturing in the United States that began towards the end of 2022.
This graph shows actual renewable energy investment in the United States by segment (in billions … (+) USD).
Statista
As a result, investment in manufacturing has more than quadrupled in the past two years compared to the previous two years. Investment in retail, energy and industry has increased slowly but steadily in recent years. This is except for the last two quarters in the latter sector, where investment volumes have declined. This change is due to reduced investment in wind and solar. Officials say the sharp decline in the wind energy sector is related to rising interest rates, supply chain issues, and siting and permitting issues. However, more funds were invested in smaller sub-sectors such as energy storage, clean hydrogen and carbon management.
California EVs are the main driver
The retail leaders are Oklahoma, California, and Maine, which invest between 1.06% and 0.74% of their GDP in green energy and related sectors. In absolute terms, retail investment in EVs in California stands out, at $25.6 billion in the four quarters from Q3 2023 to Q2 2024, outpacing the nation’s retail green investment over the same period. accounted for 20% of the total. Of course, the vouchers and incentives available for EV purchases in California drove this number up.
During the same period, manufacturing industry investment in batteries was highest in Georgia, Michigan, North Carolina, and Tennessee, driven by investments by LG, Toyota, Hyundai, and others. Samsung, General Motors, and Stellantis also encouraged investment in more Great Lakes states. Although the investment in Nevada was small, the state remained the top spender as a percentage of GDP, as more money flowed to Tesla’s Reno Gigafactory. Between the second half of 2023 and the first half of 2024, the only major investments in industrial energy in the energy sector were in solar energy and storage in Texas, and to a lesser extent in California, with storage making up the bulk of the investment. Occupied. In relative terms, Wyoming, West Virginia, and New Mexico invested the most in wind, solar, and carbon management relative to each state’s GDP.
Charts by Statista
