The American Council on Renewable Energy (ACORE) has set a goal of $1tn investment from the US private sector in renewable energy and grid technologies by 2030.
A new campaign, dubbed as $1T 2030 campaign has been launched in this regard by the national non-profit organization, which will be managed through the Partnership for Renewable Energy Finance (PREF).
ACORE said that to reach the investment goal, it has unveiled a combined set of common sense policy reforms and distinct market drivers, which it says are most important for growth.
The organization will engage with key business and government leaders as part of the $1T 2030 campaign, apart from releasing new reports, conducting events and taking other measures to help reach the investment goal.
ACORE expects the $1tn in investment to be divided between direct private investment in renewable energy and investment in grid technologies that includes energy storage.
ACORE president and CEO Gregory Wetstone said: “Renewable energy has come a long way and is economically competitive, but if we accept business-as-usual projections that predict a decline in annual investment and deployment levels in just a few years due to an uneven policy playing field, we will cede U.S. leadership and the immense range of economic benefits that come from being a dominant player in this booming global industry.
“With the $1T 2030 campaign, the investment community is charting a course to modernize America’s energy infrastructure that will create massive economic opportunities over the next decade and beyond.”
ACORE said that should the campaign achieve its objective, then the US will narrow down the gap in innovation and investment with other countries. It will also consolidate on the impressive track record of the US in creating jobs across wind, solar and related fields while staying within striking distance of its commitment for greenhouse gas emission reductions in line with the Paris Accord.
Founded in 2001, ACORE brings together companies that are into financing, development and manufacturing and usage of all forms of renewable energy.