US renewable energy industry group the American Clean Power Association (ACP) has hailed the compromise deal to raise the country’s debt ceiling.
President Joe Biden has been negotiating with House Speaker Kevin McCarthy to allow the US Federal Government to borrow more than the current $31.4tn cap.
The president announced a deal had been reached and urged Congress to pass the agreement.
In a statement, ACP CEO Jason Grumet said: “ACP applauds President Joe Biden and Speaker Kevin McCarthy for prioritising national interests over partisan politics and acting to secure a compromise on the debt ceiling that protects the US and global economy.
“Our industry is a critical economic growth engine, providing nearly half a million good-paying jobs across all 50 states. There are already more than 550 US-based manufacturing facilities dedicated to producing components for wind, solar, and battery storage with many more on the way. This surging investment depends upon the strength of US capital markets and stability of the American economic system.
“The debt ceiling agreement includes an important down payment on much-needed reforms to improve the efficiency of the permitting process for clean energy projects, including reasonable timelines for completing environmental reviews, common-sense lead agency authority and expedited consideration for qualifying energy storage projects.
“However, it is critical that Congress build upon these initial steps. Absent significant improvements in the siting and construction of new clean power transmission capabilities, our nation will fail to achieve critical economic, national security and climate goals.”
He added: “We look forward to working with lawmakers in both parties to advance more comprehensive bipartisan permitting and transmission reform legislation in the weeks ahead to ensure that the clean energy industry can continue to build on the more than $150 billion in new project investments announced in the last nine months.”