New research analyzing investments in the wake of the Inflation Reduction Act’s passage identified $289 billion invested in the construction and installation of cleantech manufacturing facilities since late 2022.
According to the latest Clean Investment Monitor report, out today, districts currently represented by Republicans received $223 billion of that total — a whopping 77%. That’s compared to the $66 billion invested in districts represented by Democrats. The Clean Investment Monitor is a joint project by Rhodium Group and MIT’s Center for Energy and Environmental Policy Research.
That split is also reflected in the $542 billion pipeline of announced investments. Of that amount, $402 billion is slated to be spent in Republican districts, while Democratic districts expect $122 billion.
North Carolina’s ninth district, where Toyota is building a $14-billion EV battery plant, has received the most investment of any district to date, with nearly $10.5 billion already spent, and another $5.6 billion announced. It’s closely followed by Georgia’s first district, where Hyundai has already started rolling EVs off the production line at a new $7.6-billion plant west of Savannah.
Of the top 20 districts in terms of project investments made by the end of 2024,15 are currently represented by Republicans in the 119th Congress. The district with the largest amount of outstanding investment, Louisiana’s second district, is represented in the House of Representatives by Democrat Troy Carter. Projects focusing on clean hydrogen, carbon capture, and sustainable aviation fuels are planned for the district — but as of the end of last year, 99% of the planned investment hadn’t yet been made.
Other districts are likewise still waiting for the vast majority of planned investment to materialize. So far, Texas’ 36th has seen only 4% of the planned $16.46 billion. The state’s 22nd district has seen just under 6% of its own planned $12.7 billion.
This data reflects a reality that several previous analyses have also captured — including some dating back to the months before the election.
Many in the industry continue to predict that the geography of IRA investment will insulate parts of the law from the Trump administration’s promised dismantling. Indeed, after the Trump administration paused loan disbursements for projects funded by the Department of Energy’s Loan Programs Office, Republican Sen. Steve Daines (Mont.) weighed in to help get funding moving for a sustainable aviation fuel project in his state.
However, just how far elected Republicans will go to support tax credits, even those leading to significant investment in their regions, remains an open question. And the EV tax credit, which is in part responsible for the massive auto maker projects across the south, is considered among the most vulnerable.
Zooming out
Nationwide, clean energy and transportation investments totaled $70 billion in the last quarter of 2024: a slight decrease from the third quarter, but a 6% jump year over year. This brought total annual investment for 2024 to $272 billion, a 16% increase over 2023.
Clean investment continues to rise as a share of total private investment in the U.S., topping out at 4.9% in 2025, compared to 3.5% in 2022. That growth has largely been driven by retail investment by households and businesses into technologies including rooftop solar and electric vehicles, among others. In the fourth quarter, retail investment accounted for 51% of total clean investment, worth $36 billion.
The majority of that investment went to EVs, followed by heat pumps, and distributed electricity and storage.
Meanwhile, investment in the manufacturing of greenhouse gas emission-reducing technology came to $15 billion, and in the deployment of that tech for energy production or industrial decarbonization came to $19 billion. Investment on both of those segments declined quarter to quarter.
