Yellen says Biden tax credits boost clean energy investment in coal country
By David Lawder
ELIZABETHTOWN, Kentucky (Reuters) -Treasury Secretary Janet Yellen said on Wednesday clean energy investments in parts of the U.S. historically reliant on fossil fuels have more than doubled to $4.5 billion per month due to Biden administration tax credits targeting such communities.
Yellen said in remarks in central Kentucky that Treasury Department research using Rhodium Group data also shows clean energy investment in other communities has risen to $3.5 billion per month — a $1 billion increase — thanks to the incentives in the 2022 Inflation Reduction Act (IRA).
Yellen is visiting Kentucky, a heavily Republican state that Democratic President Joe Biden is not expected to win in the Nov. 5 U.S. election, to promote the state's growing supply chain for electric vehicle (EV) battery production that Biden touted in his State of the Union address to Congress last week.
«We've seen investments grow significantly. Companies have announced almost $650 billion in investments in clean energy and manufacturing across the country since the start of the administration,» Yellen said.
Yellen is visiting Advanced Nano Products, a South Korean-owned battery materials manufacturer that has invested $49 million in a new factory in Elizabethtown, Kentucky that will employ around 100 workers after it starts production in May.
The facility will supply carbon nanomaterials to the $5.8 billion BlueOval SK battery manufacturing complex under construction a few miles to the south by Ford Motor (NYSE:F) Co and South Korea's SK Group. The plant will eventually employ more than 5,000 workers.
Japan's AESC is also building a $2 billion battery factory in Bowling Green, Kentucky that will employ 2,000 people.
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