Companies have canceled or scaled back more than $22 billion in clean energy projects since the start of this year — including $6.7 billion in investments in June alone — according to new monthly data from E2, a clean energy business advocacy group.
The figures extend the trend of cancellations and delays for new clean energy factories and electricity projects amid tax policy and trade uncertainty as the Republican Congress weighed the rollback of the incentives in the Inflation Reduction Act. In June alone, businesses scaled back or canceled five battery, storage and electric vehicle factories across Colorado, Indiana, Michigan, New York and Oregon, according to the tracking.
At the same time, businesses announced roughly $2.1 billion in investments in June for projects across five states that included new hydrogen generation and grid and transmission equipment manufacturing.
The cancellations and investment reductions were done prior to the passage of Republicans’ megabill, H.R. 1 (119), which clean energy advocates warn could lead to further cancellations and delays in the coming months as the impacts of the bill take effect. Those include the curtailment of major tax incentives supporting solar and wind projects and EV purchases.
