Summary: A proposal from the U.S. Environmental Protection Agency (EPA) to limit greenhouse gas emissions from the power sector could potentially cut 50 percent of emissions remaining after the Inflation Reduction Act’s (IRA) incentives for renewable power generation conclude. However, the combined effects of the proposed regulations and the IRA do not meet the country’s target of net-zero emissions from electricity generation by 2050, according to a new report from experts at Duke University’s Nicholas Institute for Energy, Environment & Sustainability.
The modeling used to create the report was conducted by Energy Pathways USA, a Nicholas Institute initiative that convenes public- and private-sector partners to accelerate progress toward net-zero carbon emissions in the U.S. economy.
“The Inflation Reduction Act has the potential to be the most impactful piece of federal climate legislation in our country’s history,” says Jackson Ewing, director of energy and climate policy at Duke University’s Nicholas Institute for Energy, Environment & Sustainability. “It nonetheless requires complementary policies such as the EPA’s proposed regulation of greenhouse gases to drive decarbonization at the pace and scale needed. This report offers original analysis on what the IRA and EPA regulation mean for power sector investments at a time of rising development costs in the renewables sector.”
Jackson Ewing is director of energy and climate policy at the Nicholas Institute for Energy, Environment & Sustainability at Duke University and an adjunct associate professor at the Nicholas School of the Environment. Ewing leads Energy Pathways USA. (Ewing is attending the U.N. Climate Change Conference, also known as COP28, in Dubai this week.)
For additional comment, contact Jackson Ewing at:
“Both the Inflation Reduction Act and the EPA’s greenhouse gas proposal could significantly lower emissions in the U.S.,” says Martin Ross, a senior research economist at the Nicholas Institute for Energy, Environment & Sustainability who led the modeling analysis.
“Critical components for successful implementation include the ability to site and permit renewables and the development of markets for hydrogen and carbon capture and storage. The analysis suggests that emissions outcomes can vary widely depending on how these and other factors play out.”
Martin Ross is a senior research economist at the Nicholas Institute for Energy, Environment & Sustainability at Duke University. Ross specializes in environmental and energy economics and macroeconomic-simulation modeling.
For additional comment, contact Martin Ross at:
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