U.S. green revolution pales in comparison

May 19, 2022 View in browser   By Jordan Wolman THE BIG PICTURE For all the talk of historic U.S. investment in clean energy projects and deployment of renewable energy in 2021, there are persistent reminders of just how far we have to go. New research from Compare the Market, an Australian-based company that helps consumers make decisions across a number of market sectors, shows the U.S. ranking 25th worldwide in per capita green energy production. America comes in at 886 megawatts of green energy capacity per million people. Iceland — buoyed by its impressive holding of geothermal resources — is the world's leader, producing 7,830 MW per million people. Norway, Sweden, Canada and Austria round out the top five. Norway is the country most-reliant on green energy, with more than 97 percent of its electricity coming from renewable sources. Renewable energy is a central part of the global effort to reduce reliance on fossil fuel-powered generation and to cut pollution. Countries around the world are investing in clean energy technologies such as solar and wind power, and that effort has taken on new meaning as surging oil and gas prices have squeezed consumers. The new data paints a clear picture of where countries are focusing their efforts. While Iceland blows America out of the water in hydropower and geothermal energy, the U.S. does better in solar and wind energy capacity. And there indeed was rapid expansion of clean technologies and energy sources in the U.S. last year. Electric vehicles sales nearly doubled compared with 2020, and the number of charging ports increased 16 percent. Renewables now account for a quarter of the nation's electricity capacity — the most ever. But Russia's invasion of Ukraine, inflation and soaring gas prices have clouded the near-term picture. Coal-fired power rose in 2021 for the first time since 2014. And the International Energy Agency said earlier this year that energy-related greenhouse gas emissions last year reached their highest ever level. While the Bureau of Ocean Energy Management is moving quickly (some say too fast) to site and lease offshore wind, consider China's announcement in March that it plans to build 450 gigawatts of solar and wind capacity — compared with President Joe Biden's pledge to build 30 GW of offshore wind power by 2030. Shifting the nation's finances into greener endeavors will be instrumental in climbing the global leaderboard in clean energy. After all, climate risk is investor risk, according to BlackRock CEO Larry Fink. YOU TELL US GAME ON — Welcome to the Long Game, where we tell you about the latest on efforts to shape our future. We deliver data-driven storytelling, compelling interviews with industry and political leaders, and news Tuesday through Friday to keep you in the loop on sustainability. Team Sustainability is editor Greg Mott, deputy editor Debra Kahn and reporters Lorraine Woellert and Jordan Wolman. Reach us all at gmott@politico.com, dkahn@politico.com, lwoellert@politico.com and jwolman@politico.com. Want more? Don't we all. Sign up for the Long Game. Four days a week and still free!   DON'T MISS THE 2022 GREAT LAKES ECONOMIC FORUM:  POLITICO is excited to be the exclusive media partner again at the Council of the Great Lakes Region's bi-national Great Lakes Economic Forum with co-hosts Gov. JB Pritzker and Mayor Lori Lightfoot. This premier, intimate networking event, taking place June 26-28 in Chicago, brings together international, national and regional leaders from business, government, academia and the nonprofit sector each year. "Powering Forward" is this year's theme, setting the stage to connect key decision-makers with thought leaders and agents of change to identify and advance solutions that will strengthen the region's competitiveness and sustainability in today's competitive climate of trade, innovation, investment, labor mobility and environmental performance. Register today.     WHAT WE'RE CLICKING — Drought threatening water levels out West means hydroelectricity is at risk — and could be replaced by fossil fuel energy, the Colorado Sun reports. — The New York Times digs into what's behind that airline option to pay to offset your emissions. — Tesla, a leader in electric vehicles, falls off S&P's ESG Index. Bloomberg has what you need to know. — At Wells Fargo, diverse job candidates are offered fake interviews. The NYT has the story.   STEP INSIDE THE WEST WING: What's really happening in West Wing offices? Find out who's up, who's down, and who really has the president's ear in our West Wing Playbook newsletter, the insider's guide to the Biden White House and Cabinet. For buzzy nuggets and details that you won't find anywhere else, subscribe today.       Follow us on Twitter Debra Kahn @debra_kahn Greg Mott @gwmott Lorraine Woellert @Woellert Jordan Wolman @jordanwolman   Follow us

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