U.S. Phases Out Key Renewable Energy Tax Credits Under “One Big Beautiful Bill Act”
President Trump signed the “One Big Beautiful Bill Act” into law, which phases out major federal incentives for renewable energy, including the Section 45Y production credit and Section 48E investment credit for solar and wind projects that are not in service by the end of 2027. The act also ends the 30% residential solar tax credit after 2025 with no phase-out, requiring homeowners to have systems installed and commissioned by December 31, 2025, to qualify[1][3].
States Face Pressure as Federal Support for Renewable Projects Declines
The rapid elimination of federal tax credits is expected to delay or cancel numerous wind and solar projects, with Oregon alone potentially losing about 4 GW of planned capacity—enough to power one million homes. Industry experts warn that, without new state-level incentives or streamlined permitting, many developments will struggle to meet the new deadlines and may not move forward[4].
Global Clean Energy Investment Surges to Record $2.2 Trillion
Global investment in clean energy, electrification, and efficiency is projected to reach $2.2 trillion this year, double the amount going to fossil fuels according to the International Energy Agency. This marks a sharp acceleration in the global energy transition, with solar photovoltaics leading all categories for new investment as wind and solar now account for 15% of global electricity production[7].
GE Vernova to Supply Wind Turbines for New 49-MW Project in Spain
GE Vernova’s Wind segment will provide eight 6.1-MW wind turbines for Forestalia’s 49-MW onshore wind project in Aragón, Spain, as part of a broader framework to support renewable development in the region. The project contributes to Spain’s goal of reaching 62 GW of wind capacity by 2030, helping the country target over 80% renewable electricity by the decade’s end[5].
Iraq Launches First Fully Solar-Powered Village
The Rwanga Foundation announced the completion of the Kulak Solar Village, Iraq’s first off-grid, solar-powered community that integrates renewable energy with sustainable agriculture. The project is seen as a model for expanding sustainable villages across Iraq by 2030 as part of the Green Kurdistan campaign[5].
New York Announces 2026 Voluntary Tier 1 REC Pre-Sale
The New York State Energy Research and Development Authority (NYSERDA) has detailed the 2026 Voluntary Tier 1 Renewable Energy Credit (REC) pre-sale, running July 30–August 13, 2025, for commercial and institutional buyers. This program allows participants to lock in forward-priced renewable attributes from in-state solar, wind, and hydro projects to meet sustainability targets and