Climate news
2022-08-08 19:23:52.339955+02 by Dan Lyke 0 comments
A little possibly good news: Rhodium Group — A Congressional Climate Breakthrough looks at possible impacts of the "Inflation Reduction Act":
Our preliminary assessment of the IRA is that its policies, including the new leasing provisions, reduce net GHG emissions by 31% to 44% below 2005 levels in 2030 (Figure 1). We model the impacts of the IRA on three core emissions scenarios—high, central, and low—from our newly updated baselines for 2030 US emissions under current policy in Taking Stock 2022. The range in Taking Stock and in our IRA results reflects uncertainty around future fossil fuel prices, economic growth, and technology costs. In the high emissions case, which features cheap fossil fuels and more expensive clean technologies plus faster economic growth, we find that the IRA can accelerate emissions reductions to a 31% cut below 2005 levels in 2030, compared to 24% under current policy (Figure 2). On the flip side, in the low emissions case, with expensive fossil fuels and cheap clean technologies, the IRA can drive even larger reductions, from 35% below 2005 levels under current policy to 44% below 2005 levels with the bill. In the central emissions case, the bill accelerates emissions reductions to 40% below 2005 levels in 2030, compared to 30% under current policy. If Congress passes this package, additional action from executive agencies and subnational actors can put the US’s target of cutting emissions in half by 2030 within reach.
Via https://twitter.com/MichaelEMann/status/1552805663688073219