Record clean energy and climate growth in NC spurs jobs and investment

One year after the largest ever federal investment in climate and clean energy was signed into law, dubbed the Inflation Reduction Act (IRA), new reports show a surge of investment has poured into North Carolina's economy.

The state's energy grid is fueled by nearly 10% clean energy, enough to power 1.1 million homes, according to a new report from the American Clean Power (ACP) Association. It projects clean energy generation in North Carolina will double by 2030.

ACP CEO Jason Grumet says long-term commitments spelled out in the IRA and Bipartisan Infrastructure Law have spurred an explosion in private sector investment in clean power, including from foreign investors.

"This is not just producing low cost clean energy using free fuel right here in America, but it's also now really started to rejuvenate the American manufacturing base putting us in a stronger position to compete with China for the global export market," Grumet said.

While acknowledging record growth across the clean energy sector in North Carolina, Grumet says there are roadblocks slowing the transition to a net-zero grid.

"For the real achievement, we're going to need more transmission to move the clean power from where it's produced, often in rural areas to the cities, and we're going to need a much stronger permitting system that allows us to build these facilities faster," Grumet said. "It just takes too long in the United States."

About $16 billion in clean energy investments have already flowed into the state with $18 billion more expected by 2030, according to the report.

Some say the Inflation Reduction Act has been a waste of taxpayer money. Congressman Richard Hudson, representing North Carolina's 9th district that includes Concord, said, "Americans shouldn’t have to pay the price for President Biden’s and Washington Democrats’ reckless spending."

On Wednesday, the White House launched an investment tracking tool that highlights new investments across the state, including commitments from VinFast in Chatham County, Wolfspeed in Pittsboro, and Toyota in Liberty. Together the companies estimate the new manufacturing facilities will create more than 11,000 jobs in North Carolina.

Another report from Environmental Defense Fund and WSP USA highlights North Carolina as one of the top four states in electric vehicle growth over the past year, bringing more than 10 billion dollars to the state.

“With a 67% increase in announced investment since March, North Carolina is poised to be a leader in this emerging industry," said David Kelly, North Carolina Director for Environmental Defense Fund. "Supportive policy like the Inflation Reduction Act and complementary actions at the state level will further sharpen North Carolina's competitive edge," he said.

EV registrations have surged by 47% in North Carolina over 12 months, according to the Department of Energy.