As presidential nominees Vice President Kamala Harris and former President Donald Trump prepare to face off in their first debate Tuesday night, voters will be tuning in for clarity on their plans to handle issues including the economy, inflation and job growth.
One sector that faces particular uncertainty after the election is clean energy, which has received a boost from the Biden administration but faced skepticism from Trump.
The rate was more than double the growth for the rest of the energy sector and the overall U.S. economy, according to the newly released 2024 U.S. Energy and Employment Report.
Since the implementation of the IRA and the CHIPS and Science Act, there’s been more “long-term certainty” for jobs related to energy efficiency, renewables and climate resilience, the nonprofit Environmental and Energy Study Institute said. The IRA is projected to generate more than 300,000 jobs annually for new energy project construction and about 100,000 permanent jobs each year, according to the EESI.
While job growth in the sector faces uncertainty after the election, industry watchers say the future of energy production and consumption is always changing.
“Energy systems have been in transition for decades — it’s always in transition, it’s always in a state of flux,” Daniel Bresette, president of EESI, said of the upcoming election’s impact.
Ameresco, which integrates clean tech and develops, owns and operates renewable energy projects, is forging ahead with hiring plans regardless of the election’s outcome. It will increase its hiring by 300 workers in the U.S. and Europe this year, in positions ranging from engineers to project managers, developers, analysts and more. Ameresco provides efficient energy solutions for clients that range from federal and state governments to colleges and hospitals.
“Everyone needs energy no matter what, regardless of who is in the White House. So the driver is going to be increasing that need for more secure energy sources, for cheaper energy sources and for cleaner energy sources,” said Nicole Bulgarino, executive vice president and general manager of federal and utility solutions at Ameresco.
The company is also looking to Gen Z to fill the jobs, as fewer applicants are coming up through trade and vocational schools and younger workers have shown an interest in climate-friendly opportunities. Ameresco, which offers tuition reimbursement and mentorship programs, said it has had success in recruiting recent college grads and investing in their training.
Caroline Leilani Stevenson, a 22-year-old associate electrical engineer at Ameresco, is part of the Gen Z hiring push. Stevenson interned with Ameresco and came back full-time after graduation, working today on projects with the Department of Defense.
She was able to work on a solar project in Honolulu, which was particularly meaningful, as she grew up on Maui. Like others in her generation, she found the idea of working toward more sustainable energy solutions appealing.
“I wanted to make an impact and build something really big,” she said. “The energy needs of a large naval base are not the same as a small elementary school and the suburbs of New York or the energy usage of a hospital are not the same as a large data center … It’s great to be able to design something for a specific site and make a difference in that way. Being able to see and know that the power from these lines is going somewhere and it’s eventually going to improve life at large.”
As Harris and Trump prepare to debate their policies, neither candidate has put forth a comprehensive plan on energy and climate change so far, leading to uncertainty for the sector. But their experiences in the White House can help to inform possible paths.
Harris was a key part of implementing the Inflation Reduction Act, as she cast the tiebreaking vote to pass the bill as vice president to President Joe Biden. She also backed the Green New Deal while serving in the Senate but has walked back some of her earlier stances that veered further to the progressive left. Harris also said during an interview with CNN that she would not ban fracking, a position she’d taken in her previous bid for the White House.
Trump meanwhile has promised to make energy cheaper and focused on drilling for oil in the U.S. He also rolled back major climate policies and has said he would rescind the IRA’s unspent dollars if elected. He called the Green New Deal the “Green New Scam” at an event at the Economic Club of New York last week.
One thing is for sure: Industry analysts are projecting the need for energy to increase significantly, regardless of November’s outcome.
“There [is] lots and lots of new, especially in the electricity space, lots of new demand, [from] the transportation sector, electrification, data centers, artificial intelligence. All of that adds up to a lot of electricity demand,” said Bresette. “It is almost difficult to imagine how much more energy we’re going to need in the future.”
EV charging veteran ChargePoint has unveiled its new charger product architecture, which is described as a “generational leap in AC Level 2 charging.” The new ChargePoint technology designed for consumers in North America and Europe will enable vehicle-to-everything (V2X) capabilities and the ability to charge your EV in as quickly as four hours.
ChargePoint is not only a seasoned contributor to EV infrastructure but has established itself as an innovative leader in the growing segment. In recent years, it has expanded and implemented new technologies to help simplify the overall process for its customers. In 2024, the network reached one million global charging ports and has added exciting features to support those stations.
Last summer, the network introduced a new “Omni Port,” combining multiple charging plugs into one port. It ensures EV drivers of nearly any make and model can charge at any ChargePoint space. The company also began implementing AI to bolster dependability within its charging network by identifying issues more quickly, improving uptime, and thus delivering better charging network reliability.
As we’ve pointed out, ChargePoint continues to utilize its resources to develop and implement innovative solutions to genuine problems many EV drivers face regularly, such as vandalism and theft. We’ve also seen ChargePoint implement new charger technology to make the process more affordable for fleets.
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Today, ChargePoint has introduced a new charger architecture that promises to bring advanced features and higher charging rates to all its customers across residential, commercial, and fleet applications.
Source: ChargePoint
ChargePoint unveils maximum speed V2X charger tech
This morning, ChargePoint unveiled its next generation of EV charger architecture, complete with bidirectional capabilities and speeds up to double those of most current AC Level 2 chargers.
As mentioned above, this new architecture will serve as the backbone of new ChargePoint chargers across all segments, including residential, commercial, and fleet customers. Hossein Kazemi, chief technical officer of hardware at ChargePoint, elaborated:
ChargePoint’s next generation of EV chargers will be revolutionary, not evolutionary. The architecture underpinning them enables highly anticipated technologies which will deliver a significantly better experience for station owners and the EV drivers who charge with them.
The new ChargePoint chargers will feature V2X capabilities, enabling residential and commercial customers to use EVs to power homes and buildings with the opportunity to send excess energy back to the local grid. Dynamic load balancing can automatically boost charging speeds when power is not required at other parts of the connected building structure, enabling efficiency and faster recharge rates.
ChargePoint shared that its new charger architecture can achieve the fastest possible speed for AC current (80 amps/19.2 kW), charging the average EV from 0 to 100% in just four hours. That’s nearly double the current AC Level 2 standard (no pun intended).
Other features include smart home capabilities where residential or commercial owners can implement the charger within a more extensive energy storage system, including solar panels, power banks, and smart energy management systems. The new architecture also enables series-wiring capabilities, meaning fleet depots, multi-unit dwellings, or even residential homes with multiple EVs can maximize charging rates without upgrading their wiring configuration or energy service plan.
These new chargers will also feature ChargePoint’s Omni Port technology, enabling a wider range of compatibility across all EV makes and models. According to ChargePoint, this new architecture complies with MID and Eichrecht regulations in Europe and ENERGY STAR in the US.
The first charger models on the platform are expected to hit Europe this summer followed by North America by the end of 2025.
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Crashing oil prices triggered by waning demand, global trade war fears and growing crude supply could more than double Saudi Arabia’s budget deficit, a Goldman Sachs economist warned.
The bank’s outlook spotlighted the pressure on the kingdom to make changes to its mammoth spending plans and fiscal measures.
“The deficits on the fiscal side that we’re likely to see in the GCC [Gulf Cooperation Council] countries, especially big countries like Saudi Arabia, are going to be pretty significant,” Farouk Soussa, Middle East and North Africa economist at Goldman Sachs, told CNBC’s Access Middle East on Wednesday.
Spending by the kingdom has ballooned due to Vision 2030, a sweeping campaign to transform the Saudi economy and diversify its revenue streams away from hydrocarbons. A centerpiece of the project is Neom, an as-yet sparsely populated mega-region in the desert roughly the size of Massachusetts.
Plans for Neom include hyper-futuristic developments that altogether have been estimated to cost as much as $1.5 trillion. The kingdom is also hosting the 2034 World Cup and the 2030 World Expo, both infamously costly endeavors.
Digital render of NEOM’s The Line project in Saudi Arabia
The Line, NEOM
Saudi Arabia needs oil at more than $90 a barrel to balance its budget, the International Monetary Fund estimates. Goldman Sachs this week lowered its year-end 2025 oil price forecast to $62 a barrel for Brent crude, down from a previous forecast of $69 — a figure that the bank’s economists say could more than double Saudi Arabia’s 2024 budget deficit of $30.8 billion.
“In Saudi Arabia, we estimate that we’re probably going to see the deficit go up from around $30 to $35 billion to around $70 to $75 billion, if oil prices stayed around $62 this year,” Soussa said.
“That means more borrowing, probably means more cutbacks on expenditure, it probably means more selling of assets, all of the above, and this is going to have an impact both on domestic financial conditions and potentially even international.”
Financing that level of deficit in international markets “is going to be challenging” given the shakiness of international markets right now, he added, and likely means Riyadh will need to look at other options to bridge their funding gap.
The kingdom still has significant headroom to borrow; their debt-to-GDP ratio as of December 2024 is just under 30%. In comparison, the U.S. and France’s debt-to-GDP ratios of 124% and 110.6%, respectively. But $75 billion in debt issuance would be difficult for the market to absorb, Soussa noted.
“That debt to GDP ratio, while comforting, doesn’t mean that the Saudis can issue as much debt as they like … they do have to look at other remedies,” he said, adding that those remedies include cutting back on capital expenditure, raising taxes, or selling more of their domestic assets — like state-owned companies Saudi Aramco and Sabic. Several Neom projects may end up on the chopping block, regional economists predict.
Saudi Arabia has an A/A-1 credit rating with a positive outlook from S&P Global Ratings and an A+ rating with a stable outlook from Fitch. That combined with high foreign currency reserves — $410.2 billion as of January, according to CEIC data — puts the kingdom in a comfortable place to manage a deficit.
The kingdom has also rolled out a series of reforms to boost and de-risk foreign investment and diversify revenue streams, which S&P Global said in September “will continue to improve Saudi Arabia’s economic resilience and wealth.”
“So the Saudis have lots of options, the mix of all of these is very difficult to pre-judge, but certainly we’re not looking at some sort of crisis,” Soussa said. “It’s just a question of which options they go for in order to deal with the challenges that they’re facing.”
Global benchmark Brent crude was trading at $63.58 per barrel on Thursday at 9:30 a.m. in London, down roughly 14% year-to-date.
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