With California alone requiring roughly 150,000 new megawatts to meet the state’s clean energy goals and keep the the lights on, how the energy sector can harness this increasing demand to accelerate deployment of emerging technologies is the focus the latest Pathways to Commercial Liftoff Topic Brief from the US Department of Energy.
Through its $400 billion in loan authority mandated from the Bipartisan Infrastructure Law and Inflation Reduction Act, the Department of Energy's Loan Programs Office (LPO) is playing a pivotal role in onshoring and commercializing clean energy technology in America. The LPO's commitment to financing innovative projects, reducing emissions, and fostering economic growth has led to $17 billion in loans committed in 2023 and $175 billion in loans requested overall. The conditional commitments and emphasis on private sector collaboration demonstrate a forward-thinking approach where public funds are multiplied by private sector investment to achieve goals around domestic clean energy production and decarbonization. It's heartening to see the LPO's dedication to community benefits and job creation as a part of an inclusive growth strategy for our country. We should look forward to witnessing the LPO's continued impact in 2024 and beyond, as it plays a crucial role in shaping a clean, secure, and more prosperous America.