Brookfield ‘Wouldn’t Bet Against’ Biden’s Zero-Carbon 2035 Goal

The chief executive officer of Brookfield Renewable Partners LP said President Joe Biden’s ambitious goal of fully greening U.S. power grids by 2035 will be helped by growing investment in clean energy.

“Is it achievable or not? Nobody has a crystal ball, but we wouldn’t bet against technology and we wouldn’t bet against the capital that’s flowing into the sector,” Connor Teskey, who heads the clean-power giant, said in an interview on Wednesday.

Achieving Biden’s lofty goal may necessitate the type of massive infrastructure build that hasn’t been seen in the U.S. in generations. It will likely require a reimagined and expanded transmission system to accommodate the renewable generation.

Brookfield ‘Wouldn’t Bet Against’ Biden’s Zero-Carbon 2035 Goal

It does help, however, that wind and solar are already among the cheapest forms of electricity -- and investors, cognizant of decarbonization and electrification trends, are eager to participate in the growth of solar and wind.

A lot of new clean-power capacity is on the way: BloombergNEF forecasts 204 gigawatts of utility-scale solar installations and 83 gigawatts of small-scale photovoltaic additions in the U.S. between 2021 and 2030 as well as 115 gigawatts of wind power over that period.

The Biden goal is “incredibly ambitious, but we’d love to do our part in trying to help him get there,” Teskey said. “The heightened level of ambition is going to drive the sector forward.”

©2021 Bloomberg L.P.

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