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(Bloomberg) — Clean energy investments in the US are shrinking fast amid the rollback of tax incentives and policy uncertainties under President Donald Trump’s administration, with Republican districts hardest hit.
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Businesses canceled or delayed more than $1.4 billion in new factories and clean energy projects last month, bringing the total since January to $15.5 billion, according to an analysis by E2, a non-partisan group that advocates for renewables and policies to protect the environment. The canceled projects across battery, electric vehicles and solar, were expected to create nearly 12,000 new jobs.
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Republican districts have seen the most contraction. More than half of the canceled, delayed or closed factories and electricity projects, or some $9 billion worth of investments, have been in GOP districts so far this year, the report said. So too were some 10,000 jobs that have disappeared.
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Also, the value of new investments seen in May is just about one third of shelved projects, E2 said.
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The clean energy industry is rapidly losing investments at a time US utilities are rushing to meet the growing power demand from data centers expansion and new factories. More projects are poised for cancellations as Trump continues undermining renewable power sources.
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The Republican-controlled Congress is currently working to push through a massive tax-and-spending bill, Trump’s top legislative priority, that would gut clean energy tax credits.
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“If Congress moves forward with killing these tax policies, we’re going to see more cancellations, more job lost, and that’s just the start,” E2 Executive Director Bob Keefe said in an interview.
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This will reduce electricity generated from solar, wind and batteries, which accounted for about 90% of all new energy added to the grid last year.
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“That means we’re not going to be able to meet the soaring electricity demand we have for everything from AI to data centers, to all the things that you and I plug into a wall, and that means higher power bills,” Keefe added.
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