U.S. Passes “One Big Beautiful Bill Act,” Phasing Out Key Renewable Energy Tax Credits
President Trump signed the “One Big Beautiful Bill Act” into law over the July Fourth holiday, which will phase out the Section 45Y clean electricity production credit and Section 48E clean electricity investment credit for solar and wind projects not begun by July 4, 2026, with credits eliminated entirely after 2027 [3] [7]. An executive order issued July 7 directs the Treasury Department to tighten eligibility requirements, adding further uncertainty for ongoing and planned renewable projects [3].
Global Renewable Electricity Generation Hits Record Highs, Led by Solar and Wind
Renewable electricity output grew 5.6% in 2023, with solar energy posting a 25.2% annual increase—the fastest growth since 2018—and wind generation rising by 9.8% [1]. Variable renewables now make up 44% of global renewable generation, reflecting a significant shift from hydropower’s historical dominance [1].
2024 Sees Record-Breaking Renewable Power Capacity Expansion, But Acceleration Needed
Global renewable power capacity grew by 585 GW in 2024, accounting for over 90% of total power expansion and reaching a new total of 4,448 GW [2]. Despite the milestone, analysts warn that annual growth must rise further to meet the international goal of tripling global renewables by 2030 [2].
New York Announces Details for 2026 Voluntary Tier 1 REC Sales to Boost Clean Energy Procurement
NYSERDA has opened the timeline for its 2026 Voluntary Tier 1 Renewable Energy Certificate (REC) pre-sale, running July 30–August 13, 2025, allowing commercial, municipal, and utility buyers to lock in forward-priced RECs from in-state solar, wind, and hydro projects [6]. This initiative aims to provide more predictable procurement and compliance planning for entities seeking to meet sustainability goals