According to a survey released last week (October 29, 2023) by Environmental Entrepreneurs (E2), at least $86 billion in investments have been announced, with the largest employment growth anticipated in the electric car, battery storage, and solar energy sectors. When the projects were first announced, the electric vehicle (EV) industry accounted for 58% of investments, demonstrating the strongest reaction to the Inflation Reduction Act. Over a five-year period, this industry is predicted to sustain 185,700 jobs annually. Over a five-year period, 48,000 employment are predicted to be supported by battery storage and 35,000 by solar energy.
According to Joseph Kane, a researcher at the nonprofit Brookings Institution, although investments in clean energy are "on hyperdrive," prior to the Inflation Reduction Act, other factors were driving the clean energy workforce transition. These include shifting consumer habits, mounting pressure to cut back on greenhouse gas emissions, and the development of more affordable and effective clean technology.
Kane stated that since some people are unaware of these career prospects or lack access to essential training, state and local authorities who receive financing for renewable energy will need to pay more attention to workforce development.