The key findings of this report by Zero Carbon Analytics indicate that Installations of wind and solar capacity are gathering speed in the EU and US. A record breaking 33 GW of solar PV will be built in the US in 2024. New wind projects in the EU are also breaking records, growing by about 18% in 2022.
● Renewables generate more electricity than either coal or nuclear power in both the US and EU. Wind and solar generated enough electricity in 2022 to power about 85% of all households in the EU.
● Private equity firms have committed more than USD 100 billion in renewable energy investments eligible for tax credits since the US Inflation Reduction Act was passed.
● The US has already attracted USD 84 billion dollars in investments for energy transition manufacturing and has doubled its battery storage capacity, solidifying its position as a key player in the energy storage market.
● In Q2 2023, the US witnessed an exponential surge in EV sales of 48.9% YoY, with a record 361,000 passenger EVs sold. Europe ranks second in global EV sales, with 784,000 passenger EVs sold in Q2 2023.
