Speed of US climate solutions must increase five-fold, says DOE director

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The DOE’s Loan Programme Office has more than US$40 billion in loans and loan guarantees available to help deploy utility-scale energy projects in the US. Image: Total Eren.

The pace of climate action in the US is “wholly unacceptable”, according to the director of the US Department of Energy’s (DOE) Loan Programme Office, Jigar Shah.

Shah said the US was investing around US$200 billion a year in climate change solutions, but this needed to be closer to US$1 trillion a year to be able to reach climate targets and achieve “the goals that the president will be announcing [at the United Nations Climate Change Conference] in Glasgow”.

The comments were made during a conversation with Atul Arya, IHS Markit senior vice president and chief energy strategist, in which Shah also discussed acting as a catalyst for Wall Street investment, stating this to be needed for the scale of the funds required.

The US has “too much money and not enough projects”, said Shah. “The reason we don’t have enough projects is because the only people who really know how to develop projects are people who develop solar and wind.”

He said the “vast majority” of people were waiting on the government to “tell them what a risk-free approach looks like”.

“I have US$46 billion of authority here at the DOE Loan Programs Office. We can do whatever portion of that that we can do. But at some point, we’ve done our job. We’re a catalyst and we can hand it off to Wall Street to do the next hundred billion,” he said.

The DOE’s Loan Programme Office has more than US$40 billion in loans and loan guarantees available to help deploy utility-scale energy projects in the US.

4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

PV Tech Premium
July 1, 2022
PV Tech Premium spoke with Cypress Creek Renewable Energy and AES Clean Energy to discuss the newly formed US Solar Buyer Consortium, its objectives, market challenges and the potential advantages it holds for US manufacturing and project development.
June 30, 2022
D.E. Shaw Renewables Investments (DESRI) has secured up to US$400 million in new capital finance to support its US renewables strategy.
June 29, 2022
The US solar industry added 17,212 jobs in 2021, up 5.4% on 2020 figures, with 40% of all US energy jobs now focused on the transition to a net zero economy, according to the Department of Energy’s (DOE) US Energy and Employment Report (USEER).
June 29, 2022
Spanish independent power producer (IPP) Opdenergy is planning to launch an initial public offering (IPO) to finance its target of reaching 3.3GW of renewables assets in operation and under construction by 2025.
June 22, 2022
Trina Solar has started construction on a vast new industrial park in the central Chinese province of Qinghai that will cover almost the entire PV manufacturing chain from polysilicon production all the way down to modules.
June 22, 2022
Tongwei has announced that its subsidiaries have signed a RMB50.9 billion (US$7.58 billion) silicon material sales contract for 216,100 tons with Qinghai Gaojing Solar Energy Technology Co., Ltd.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event