ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

GOP congressional candidates run against green jobs in their own states

GOP congressional candidates run against green jobs in their own states

The Department of Energy announced an $861 million loan guarantee for two solar farms in Puerto Rico on Tuesday. The project is the latest by the Biden administration as part of the Investing in America program creating green jobs.

Through the Loan Programs Office, DOE has backed private investments totaling more than $900 billion. The new solar facilities in the Puerto Rican municipalities of Guayama and Salinas, expected to power more than 43,000 homes, will create approximately 750 construction jobs and 50 full-time positions upon completion. The project is a joint venture between Clean Flexible Energy LLC, a subsidiary of AES Corporation AES , and TotalEnergies Holdings USA Inc. TTE .

The U.S. presidential election is nearing its final stretch, with former President Donald Trump pledging to dismantle President Joe Biden’s renewable energy initiatives if he retakes the White House. 

Politically, as the Republican presidential candidate, Trump’s commitment to fossil fuels presents a challenge for GOP congressional candidates down the ballot due to an inconvenient fact: Most energy transformation jobs created by Democratic programs are in red and battleground states.

According to data compiled by Cipher, only four of the top 15 states for job creation tied to the 2022 Inflation Reduction Act (IRA) are Democrat-leaning. Three of the top five are key swing states: Georgia, Michigan, and North Carolina. Bloomberg data shows that the single largest project to receive federal funding due to the IRA is the massive Toyota TM factory in Liberty, North Carolina, located 20 miles south of Greensboro.

The facility, which spans over 150 acres, will employ 5,000 workers to produce electric vehicle (EV) batteries. It is situated in Randolph County, which has a population of fewer than 150,000. 

Liberty is part of the 9th Congressional District, where Republican incumbent Richard Hudson is expected to win re-election. He is one of many GOP congressional candidates who voted against the IRA but are now grappling with messaging in districts experiencing a rise in clean energy employment.

After attacking and voting against the IRA, Hudson argued that “This bill would raise taxes, throw money at woke climate and social programs that won’t work — including over $350 billion for ‘Green New Deal’ initiatives — and make the inflation crisis worse.”

Hudson, who sits on the House Energy and Commerce Committee, has been largely silent on the Toyota factory. Instead, he is making opposition to EPA regulation of amateur car racing a signature issue of his campaign. 

An ardent supporter of Trump, Hudson’s stance on green energy has softened somewhat since the Toyota battery project was announced. “I believe that a balanced and responsible approach is the future of energy. This requires developing more of America’s own energy resources, including wind, solar, clean coal, hydropower, biofuels, nuclear energy, as well as oil and natural gas,” Hudson states on his congressional website. 

More stories we’re tracking at Equities:

Amazon announces nuclear projects

Amazon AMZN announced three new nuclear power deals on Wednesday, including construction of Small Modular Reactors. The projects include a partnership with Dominion Energy in Virginia to expand the North Anna facility.  

Arkansas wind farm developers meet with concerned residents 

Scout Clean Energy, acquired by Brookfield Renewable BEP in 2022, held an online meeting on Tuesday to address community concerns over a new project in Arkansas. Plans for a new $400 million, 9,000-acre wind farm in Carroll County are controversial with residents who are concerned about the local impact.  

Chinese manufacturer unveils largest wind turbine ever

China state-owned Dongfang Electric Corporation announced the completion of a  26-megawatt offshore wind turbine earlier this week. The turbine is the largest ever produced by size and capacity.

Read more: Trump threatens IEA shakeup as energy agency predicts skyrocketing electricity demand

Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.