US officials gather with CEOs from leading companies in clean energy sector

(MENAFN) U.S. Treasury Secretary Janet Yellen and Energy Secretary Jennifer Granholm convened a meeting on Monday with CEOs from leading American companies in the clean energy sector, as announced by the Treasury Department on Tuesday. This working dinner focused on discussing the effects of President Joe Biden's Inflation Reduction Act, which was signed into law in August 2022. The Act aims to bolster domestic energy production and promote clean energy initiatives, contributing to private sector investments and generating new, well-paying jobs in communities nationwide.

During the dinner, the CEOs exchanged ideas on enhancing collaboration between the public and private sectors to accelerate investments in America’s clean energy economy. Yellen and Granholm emphasized the Biden administration's ongoing efforts to support the clean energy transition, highlighting the Treasury Department's principles for net-zero financing and investment released last year. These principles are intended to guide financial institutions in their pursuit of net-zero commitments.

Additionally, the secretaries underscored the administration’s principles for responsible engagement in voluntary carbon markets. In a separate statement, the U.S. Department of Energy announced a USD10 million investment aimed at developing domestic supply chains for critical minerals and materials. This funding will support two projects that seek to reduce costs and environmental impacts associated with the production of rare earth elements and other critical minerals derived from coal and its byproducts. The projects, led by the California Institute of Technology and the University of Utah, will focus on advanced testing to enhance the economic viability of separation and refining technologies for these essential materials.

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