Boosting Clean Energy Projects with Final Wage Rules & Technology Funding
Key Ideas
- Final rules implementing prevailing wage and registered apprenticeship provisions under the Inflation Reduction Act bring a fivefold increase in tax credits for clean energy projects, promoting job creation and technology deployment.
- The DOE introduces Supply Chain Cybersecurity Principles to enhance cybersecurity in energy automation systems, emphasizing risk management, secure development, and proactive incident response.
- Upcoming funding opportunities of up to $900 million for Small Modular Reactor technologies aim to support Gen III+ SMR deployments, with a focus on first-mover team support and fast follower deployment.
- The Methane Emissions Reduction Funding Opportunity worth $850 million seeks to reduce methane emissions from oil and gas sectors through monitoring, technology deployment, and community involvement.
The Department of the Treasury and IRS have finalized rules implementing prevailing wage and registered apprenticeship provisions, offering substantial tax credits for clean energy projects like wind, solar, nuclear, and hydrogen. This move aims to boost job creation and technology adoption in the clean energy sector. Additionally, the Energy Department has released Supply Chain Cybersecurity Principles to strengthen cybersecurity in energy systems globally, focusing on risk management and secure development. In another development, DOE has announced upcoming funding opportunities of up to $900 million for Small Modular Reactor technologies, supporting Gen III+ SMR deployments through first-mover team support and fast follower deployment. Lastly, a $850 million Methane Emissions Reduction Funding Opportunity by DOE and EPA targets the reduction of methane emissions from oil and gas sectors through various initiatives like deploying methane reduction technologies and improving monitoring capabilities. These initiatives collectively highlight the government's commitment to promoting clean energy, enhancing cybersecurity, and reducing greenhouse gas emissions in various sectors.