The EERE has been at the forefront of energy innovation for over 40 years, driving groundbreaking advances in renewable energy and energy efficiency. The 2024 EERE Investment Snapshot showcases the agency’s recent successes in delivering the benefits of energy innovations to communities, companies, and industries across the country. Through targeted investments in R&D, demonstration and deployment expertise, technical assistance, and convening power, EERE has made significant progress in various industries and technologies.
The report highlights the vast benefits of investing in cleaner, more efficient, and reliable energy technologies. These innovations have powered our grid with low-carbon renewable energy, created sustainable transportation systems, reduced energy consumption and greenhouse gas emissions from buildings and industries, and stimulated growth in domestic manufacturing and supply chains.
One of the most significant impacts of energy innovation is the creation of jobs. As of 2022, the renewable energy sector alone employs over 3.1 million Americans, with job growth in both established and emerging sectors. For example, the energy efficiency sector added over 50,000 jobs in 2022, while the battery electric vehicle industry saw a 27% increase in jobs year-on-year.
Moreover, investing in energy innovation has also accelerated economic growth. The global market for renewable energy, emissions-reducing, and energy-efficient technologies and industrial processes is projected to reach $23 trillion by 2030. This is a significant increase from the $78 billion invested in 2018, demonstrating the growing demand for these technologies.
Furthermore, federal investment in renewable energy technologies has led to a resurgence in domestic manufacturing and boosted America’s competitiveness in the global energy race. As the demand for new energy technologies continues to rise, American manufacturers are finding ways to become more competitive in terms of costs, quality, and expertise. Continued investment in expanding the domestic renewable energy and energy efficiency workforce, strengthening supply chains, and promoting technical innovation will further solidify the US as a leader in the rapidly expanding global market for renewable energy and decarbonization technologies.
Overall, the 2024 EERE Investment Snapshot highlights the significant impact of energy innovation and the potential for continued investment to benefit the United States. By driving economic growth, creating jobs, and promoting domestic industry and competitiveness, EERE is playing a crucial role in shaping a cleaner, more sustainable future for the country.