Globally, the clean energy economy has been on a steep growth trajectory for more than a decade. Global investment in the clean energy transition reached a record high of over $2.3 trillion dollars in 2025, driven by major spending on renewable power, electric vehicles, and modernizing grid infrastructure. Around the world, battery manufacturing, solar and wind generation, and electrical vehicle manufacturing all surged. Last year, spending on renewables, nuclear power, and energy storage was roughly double what was spent on fossil fuels.
While all that momentum continues to surge over much of the world, the story in the United States is very different. Last year, new investment in clean energy projects was dwarfed by an avalanche of cancellations of projects already in progress. In total, about $35 billion in projects were abandoned last year. This compares to $3.4 billion in cancellations in 2023 and 2024 combined.
While the rest of the world is doubling down on the clean energy transition, the U.S. is now increasingly combative and antagonistic towards clean energy industries. The main driver for all of this is the Trump administration’s attacks on renewable energy. Companies began pulling back clean energy investments shortly after the November 2024 election when the incoming president indicated that he would be promoting fossil fuels over solar, wind, and other clean energy technologies.
Congressional legislation eliminating various tax credits and incentives for clean energy technology are part of the decline in American clean energy development. It is now up to individual states to try to keep up with the rest of the world.
