The American Clean Power Association (ACP), a prominent industry group in the US renewable energy sector, has expressed its support for the recently reached compromise deal to raise the country's debt ceiling. The negotiations, led by President Joe Biden and House Speaker Kevin McCarthy, aim to allow the US Federal Government to increase its borrowing capacity beyond the current cap of $31.4tn.
President Biden announced the successful agreement and called upon Congress to pass the bipartisan deal. ACP CEO Jason Grumet issued a statement commending both President Biden and Speaker McCarthy for prioritizing national interests above partisan politics and working towards a compromise that safeguards the US and global economy.
Grumet emphasized the significance of the renewable energy industry as a vital economic driver, generating nearly half a million well-paying jobs across all 50 states. The sector has witnessed remarkable growth, with over 550 US-based manufacturing facilities dedicated to producing components for wind, solar, and battery storage, and many more in the pipeline. The success of these investments relies on the strength of US capital markets and the stability of the American economic system.
The debt ceiling agreement includes an essential initial step towards much-needed reforms to enhance the efficiency of permitting processes for clean energy projects. This entails implementing reasonable timelines for completing environmental reviews, granting common-sense lead agency authority, and expediting consideration for qualifying energy storage projects. However, Grumet emphasized that further progress is necessary. He stressed the importance of significant improvements in the siting and construction of new clean power transmission capabilities to achieve critical economic, national security, and climate goals.
The ACP CEO expressed eagerness to collaborate with lawmakers from both parties to advance more comprehensive bipartisan legislation on permitting and transmission reforms in the coming weeks. Such legislation is vital to ensure that the clean energy industry can build upon the impressive $150 billion worth of new project investments announced in the past nine months.
The ACP's endorsement of the compromise deal underscores the industry's reliance on supportive policies, streamlined permitting processes, and robust transmission infrastructure to fulfill its potential and contribute to the nation's economic growth, energy security, and environmental objectives.
