A recent analysis by Rhodium shows that while the U.S. has been making significant cuts in greenhouse gas emissions and experiencing a boom in clean energy, it is not on track to meet its emissions reduction goals set under the Paris Climate Agreement. The U.S. had pledged to reduce emissions by at least 50% below 2005 levels by 2030, but Rhodium projects that emissions will only fall 32% to 43% below that threshold by 2030.
Clean energy investment is growing rapidly, driven by President Joe Biden’s climate initiatives, but challenges remain, such as increased electricity demand from data centers and conflicting climate agendas between Democrats and Republicans. The renewable energy industry is facing barriers like building transmission lines and securing permits, which need to be addressed to accelerate the energy transition.
The report highlights the urgent need for new sources of electricity, with electricity demand estimated to be 24% to 29% higher in 2035 than in 2023. Despite these challenges, investment in clean energy, transportation, and technology is increasing, with firms investing $71 billion in the sector in the first quarter of 2024.
The upcoming November election will play a crucial role in shaping U.S. greenhouse gas trajectory, as Republicans could potentially dismantle parts of Biden’s climate initiatives if they gain control of Congress and the White House. The Supreme Court’s Chevron ruling, which limits federal agencies’ power, is expected to lead to challenges to environmental policies that the next administration will need to address. The report emphasizes the importance of continued policy measures to accelerate the transition to clean energy and meet emissions reduction goals.
Photo credit
www.nbcnews.com