Clean energy investment in the US has been growing substantially in recent years, reflecting a broad-based shift towards sustainable energy solutions.
- Renewables: The cost of wind and solar power has dropped significantly, making them competitive with traditional energy sources. While wind received substantial investment in 2020 and 2021, it has cooled in recent years as solar became the dominant focus for investors.
- Storage: Investments have surged in energy storage technologies, primarily lithium-ion batteries, leading the charge. This sector has benefited from advancements in other sectors, like laptops and mobile phones, resulting in lower costs. Utility-scale storage projects have become increasingly common.
- Hydrogen and clean fuels: Including other fuels like sustainable aviation fuels (SAF), clean fuels in particular took off following the signing of the Inflation Reduction Act in August 2022.
- Carbon management: Although still in its early stages, technologies like carbon capture have seen growing investment, primarily focused on developing technologies to capture carbon dioxide from industrial processes. The sector is expected to grow as regulatory frameworks and carbon pricing mechanisms become more established.
- Nuclear: While becoming more widely accepted with the public, investments in North America into new nuclear reactors have not seen the same surge as other clean technologies.
Overall, clean energy investing across these sectors has been fueled by a combination of technological innovation, policy support, and increasing awareness of the economic opportunities in transitioning to a low-carbon economy.
Aaron Foyer is Vice President, Research and Analytics at Orennia. Prior to Orennia, he leveraged his technical background in management consulting and finance roles. He has experience across the energy landscape including clean hydrogen, renewables, biofuels, oil and gas, petrochemicals and carbon capture. 
