Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Biden administration finalizes solar lands plan, touts permitting progress

Published 08/29/2024, 05:30 AM
Updated 08/29/2024, 12:20 PM
© Reuters. U.S. President Joe Biden appears onstage during a walkthrough at the at the United Center, ahead of the Democratic National Convention (DNC) in Chicago, Illinois, U.S., August 19, 2024. REUTERS/Craig Hudson/File Photo

(Reuters) - U.S. President Joe Biden's administration said on Thursday it had finalized a plan to expand solar energy on federal lands in 11 western states, part of a broader push to speed the permitting and construction of big infrastructure projects.

The White House wants to accelerate approval of projects ranging from power transmission to wind and solar farms as it seeks to decarbonize the power sector to fight climate change, and is eager to tout its "Investing in America" agenda ahead of the November presidential election.

"We've been really pushing ourselves to use our executive authority wherever possible to improve the federal permitting process," White House Deputy Chief of Staff Natalie Quillian said in an interview.

The U.S. Bureau of Land Management's plan identified 31 million acres (12.5 million hectares) best suited for solar development in Arizona, California, Colorado, Nevada, New Mexico, Utah, Idaho, Montana, Oregon, Washington and Wyoming.

The lands identified have high solar potential and low conflicts with wildlife and plant habitats, giving projects proposed in these locations a jumpstart on permitting.

The White House also said the Environmental Protection Agency had conditionally approved a rule creating emissions reduction credits for companies in Maricopa County, Arizona to transition vehicle fleets to cleaner alternatives. Those credits can be sold to the owners of planned semiconductor factories in the region to offset air emissions and help the area comply with federal air quality standards, the White House said.

The EPA is tasked with approving state plans to reduce pollution in areas like Maricopa County, home to Arizona's capital of Phoenix, because it has elevated ozone emissions.

The county has attracted an influx of investment in chip manufacturing from companies like Intel (NASDAQ:INTC) and Taiwan's TSMC tied to federal incentives, and the new credits will help those facilities get up and running, the White House said.

© Reuters. A drone view shows solar panels as they stand on Dave Duttlinger's farmland that he leased to Dunns Bridge Solar LLC in Wheatfield, Indiana, U.S., April 5, 2024.  REUTERS/Jim Vondruska

The administration said the plan will add to gains it has already made in speeding environmental permitting, which it said had so far shaved six months from the median time required to complete a review.

It added U.S. agencies had permitted more projects than the administration of former President Donald Trump, who is challenging Vice President Kamala Harris in the presidential election.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.