[Ferro-Alloys.com]Whether to pursue energy independent or to mitigate climate change, America is changing into renewable energy, further moving away from traditional fossil fuel.
Wind power project
Although this strategy will reduce steel demand of pipeline project related to petroleum and gas, green energy still needs a large amount of steel. According to a joint statement of the Department of the Interior, the Department of the energy and the Department of the Commerce, in 2030, offshore wind power project could generate new steel demands over 7 million tons in America. Combine with onshore wind project and solar energy investment in this project, steel demand in renewable energy market is expected to surge. Biden administration has taken a serious of actions to promote the development of offshore wind power. The common target of the Department of the Interior, the Department of the energy and the Department of the Commerce is to development 30000 MW offshore wind power in 2030.
Solar energy project
Under the lead of Biden administration, the investment of solar energy has got momentum, and has become another highlight of steel demand. According to the data from S&P global market intelligence, America has installed 47002MW public utility scale solar capacity by the end of 2020. In 2025, the installed capacity will be developed or established above twice than present. The public utility scale solar capacity is going to be 96467 MW.
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