U.S. Phases Out Key Renewable Energy Incentives Under New Federal Law
President Trump signed the “One Big Beautiful Bill Act” (OBBBA) into law, which sunsets major renewable energy incentives by eliminating the Code Section 45Y clean electricity production credit and the Code Section 48E clean electricity investment credit for solar and wind projects not placed in service by the end of 2027. The law adds further uncertainty for developers as an executive order now directs the Treasury Department to revise safe harbor rules, potentially making it harder for projects to qualify for incentives unless substantial construction is completed[1].
Global Renewable Energy Capacity Hits Record Growth, But Still Short of 2030 Targets
Renewable energy capacity additions reached a historic high in 2024, with 582 GW added and a 15.1% annual growth rate, the fastest since 2000. Despite these gains, the pace remains insufficient to meet the global goal of tripling installed renewable power capacity to over 11 TW by 2030, as set by international agreements[2].
European Hydrogen Sector Faces Project Cancellations Amid Policy Uncertainty
Major hydrogen projects in Germany and the UK have been delayed or canceled, including EWE’s 50MW electrolytic hydrogen project in Bremen, due to unfavorable economics, complex regulations, and lack of government support. Industry leaders are calling for urgent reforms in electricity pricing, regulatory clarity, and access to funding to revive investor confidence in Europe’s hydrogen transition[7].
New York Announces 2026 Voluntary Renewable Energy Credit Pre-Sale
The New York State Energy Research and Development Authority (NYSERDA) has opened the timeline for its 2026 Voluntary Tier 1 Renewable Energy Credit (REC) Pre-Sale, allowing commercial, municipal, and institutional buyers to lock in forward-priced renewable attributes for sustainable procurement. The program, running from July 30 to August 13, 2025, will cover RECs sourced from solar, wind, and hydroelectric projects within the state[6].
Spain Advances Wind Energy with New GE Vernova Project
GE Vernova has signed an agreement to supply eight 6.1-MW wind turbines to Forestalia for a 49-MW onshore wind project in Aragón, supporting Spain’s target to install 62 GW of wind by 2030 and generate over 80% of its electricity from renewables by decade’s end. The deal is part of a larger framework to accelerate renewable deployment across rural regions in Spain[5].
Iraq Commissions First Fully Solar-Powered Village
The Rwanga Foundation has completed Iraq’s first off-grid, solar-powered community, Kulak Solar Village, integrating renewable energy with sustainable agriculture and solar-powered irrigation. Plans are underway to expand this model of rural electrification and sustainability across Kurdistan and central Iraq by 2030, in partnership with regional authorities and international