Newly confirmed US Secretary of Energy Jennifer Granholm has named Jigar Shah as the new head of the department’s loan programs office. Shah, 46, is a clean energy writer and advocate and founder of the solar services company SunEdison. Most recently, he was a co-founder of Generate Capital, a specialist finance company focusing on the renewable energy and sustainability sectors.
“He wrote the playbook on how the market can be driven towards clean energy solutions,” Granholm said during the presentation to the attendees at IHS Markit’s CERAWeek. “He will help us put together an indomitable portfolio of investments for American taxpayers. So we are ready to invest in advanced vehicles, carbon capture and much more. The possibilities are endless. “
Granholm, a former Michigan governor, raised previous credit program achievements, including funds to kickstart the construction of the first five utility-scale photovoltaic solar panels, as well as cash to help Elon Musk build his first production-scale Tesla vehicle factory.
“The once powerful loan program bureau is back in business today,” she said. “Our $ 40 billion loan agency has helped some of America’s bravest entrepreneurs get their best ideas off the ground and become what they are today.”
Granholm wants the US to get off the bank and into the game when it comes to capitalizing on the economic opportunities that the Biden government’s ambitious plans offer for the nation to have a net-zero-carbon over the next 30 years. To become an issuer.
The goal requires new technologies and more robust systems for CO2 capture and sequestration, as well as new clean energy sources that will be connected to the grid in the coming years. Granholm said the Department of Energy will no longer stand on the sidelines and be one of the government’s “strongest combat forces” in the pursuit of a carbon-free economy.
“President Biden has set very ambitious climate targets that require a carbon-free electricity sector by 2035 and a net-zero economy by 2050,” said Granholm. “This is an economic opportunity. And I say this because a recent report suggests that the products that reduce carbon emissions will create a global market of $ 23 trillion over the next few decades. And the question for all of us is where will these investments be? Will they be in china? Will they stand with us in other economic rivals? You’d better believe that other countries are competing for it. So are we going to go into battle? Or do we bring a knife to a shootout? Joe Biden demands that we go to battle on behalf of our people to fight for them. “
Granholm indicated that the system of 17 national laboratories would be key to developing the new technologies needed to achieve the goal of managing a decarbonised future.
Oak Ridge National Laboratory in Tennessee recently developed a device that made carbon capture more efficient with aluminum, and then figured out a way to make it with 3D printers. Outside of Chicago, Argonne National Lab is working on the next generation of battery technology that is twice as energetic as today’s offerings.
The secretary also referred to the department’s applied energy programs, which are helping to turn these resources into usable technologies.