Record Corporate Procurement of Renewable Energy and Growing Interest in Clean Hydrogen in the U.S.
Key Ideas
- Corporate procurement of renewable energy in the U.S. set a record in 2024, reaching 28 GW, a 34% increase from 2022.
- Renewable energy technologies experienced growth, with 54 GW of new renewable power-generating capacity added to the grid, driven by solar energy.
- Interest in clean hydrogen is rising in the U.S., with plans for 34.7 GW of clean hydrogen capacity announced for the coming years.
- U.S. energy productivity reached a new high in 2024, showing a 2.3% growth in economic output surpassing energy consumption, aiding in a 29.3% increase in productivity over the past decade.
The "Sustainable Energy in America Factbook" for 2025, developed by BloombergNEF in partnership with the Business Council for Sustainable Energy, highlights a record year for corporate procurement of renewable energy in the U.S. in 2024. This surge in clean energy adoption was driven by a 34% increase in renewable energy procurement, totaling 28 GW. The report also underscores the growth in renewable energy technologies, particularly in the solar sector, which contributed to the addition of 54 GW of new capacity on the U.S. grid. Moreover, there is a notable uptick in interest in clean hydrogen, with plans to develop 34.7 GW of clean hydrogen capacity in the near future.
The U.S. energy landscape also saw improvements in energy productivity, with a 2.3% increase in economic output outpacing energy consumption. Over the past decade, this trend has resulted in a significant 29.3% boost in productivity. The report further outlines the deployment of $338 billion in energy transition financing for clean energy technologies, underscoring the growing investments in sustainability initiatives. Electric vehicle sales surpassed 1.5 million units, with strong growth from automakers offsetting a decline from Tesla. Furthermore, corporations in the U.S. are increasingly opting for clean power sources, signing agreements for 28 GW of zero-carbon power in 2024, diversifying their procurement beyond wind and solar. The Factbook provides a comprehensive overview of the energy transition landscape, encompassing various sectors like energy efficiency, sustainable infrastructure, and more.
Topics
Power
Renewable Energy
Clean Energy
Electric Vehicles
Energy Transition
Energy Efficiency
Economic Growth
Sustainable Infrastructure
Corporate Finance
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