The Clean Investment Monitor (CIM) — a database developed by Rhodium Group and the Massachusetts Institute of Technology (MIT) — tracks private and public funding for the manufacturing and deployment of emissions-reducing technologies in the United States. Since 2022, clean investment has accelerated, driven by incentives for financing clean technology in bipartisan legislation like the Inflation Reduction Act (IRA).
“As clean technology becomes a larger and larger sector in the United States, its growth will have far-reaching implications — for our economy, for our leadership in innovation, and for reducing our greenhouse gas emissions,” Brian Deese, the director of the White House National Economic Council from January 2021 to February 2023, told MIT News in 2023.
“The Clean Investment Monitor is a tool designed to help us understand and assess this growth in a real-time, comprehensive way,” he continued. “Our hope is that the CIM will enhance research and improve public policies designed to accelerate the clean energy transition.”
According to the CIM, $272 billion was invested nationwide in the “manufacture and deployment of clean energy, clean vehicles, building electrification and carbon management technology, through the third quarter in the past year.” This number is 24% higher than the previous year. With a record $71 billion of this investment in the third quarter alone and a 12% increase relative to the same period in 2023, it is clear that the U.S. is ramping up investment in emissions-reducing technologies.
Photo Courtesy Climate Central
The wave of investment in clean energy can be seen when looking at the country’s easternmost state, Maine. The Pine Tree State is known for many things: a rocky coastline, lobster rolls, and national parks. Like many other places, clean energy advancements — zero-emission vehicles (ZEVs), solar and wind energy, and manufacturing — may soon be added to that list.
According to the 2023 Maine Clean Energy Industry Report, the state’s clean energy economy accounts for more than 2% of its total workforce. This number equates to more than 15,000 jobs — a 14% increase from 2016. The report also said Maine has the fastest-growing clean energy economy, measured by new job creation, of any New England state.
Solar and Wind Energy Investments
According to the Energy Information Administration (EIA), Maine uses less energy than 44 states. However, the state uses significantly more energy per dollar of gross domestic product (GDP) than any other New England state and more than the national average. This may be due to the state’s energy-intensive manufacturing industries — forestry, forest products, and paper manufacturing — contributing to its economy for decades.
Photo Courtesy U.S. Energy Information Administration
The CIM found that Maine’s solar energy investment for the last four quarters was $333.5 million (.3% of the state’s GDP), the storage investment was $125 million (.1% of the GDP), and the wind energy investment was $56.07 million (.1% of the GDP). As of September 2024, the EIA reported that the state’s onshore wind-powered generating capacity had reached about 1,030 megawatts.
Retail Investments
Electric vehicles (EVs) continue to be a driving force in the clean energy transition. According to Climate Central, ZEVs lead clean investing across the West Coast, much of the Upper Midwest, and throughout the Mid-Atlantic and New England. In the last four quarters, $261 million has been invested in ZEVs in Maine — .27% of the GDP. Distributed electricity and storage investment was $444.3 million (.47% of the state GDP).
Photo Courtesy Clean Investment Monitor
In August 2024, the EIA reported that Maine had 478 public EV charging locations. This number places the Pine Tree State third in New England behind Massachusetts and Connecticut.
Manufacturing Investments
Similarly, the manufacturing sector made gains in Maine. According to the CIM, $50.7 million was invested in solar manufacturing in the state (.1% of the manufacturing GDP). Manufacturing was .05% of the state GDP in the last four quarters.
Photo Courtesy Clean Investment Monitor
Growth seems to be a theme for the state. According to TD Bank, Maine’s GDP is expected to grow at a rate of around 1.6% in 2025. As Maine’s GDP continues to expand, the CIM will track how the state leverages clean energy technologies to drive economic growth, strengthen the workforce and reduce emissions. The future seems bright — illuminated with a wide range of renewable energy — for Maine.
