|Energy Act of 2020 benefits come to light|
If fully funded, the Energy Act could lead to 2,500 million metric tons of CO2 reductions over the next 17 years.
Rewind: Congress recently passed one of the biggest advancements in clean energy and climate policy in over a decade – the monumental, bipartisan Energy Act of 2020. Spencer Nelson covers some estimated emissions reductions benefits in a new blog posted this week. What’s clear: We need more clean energy technologies that can be ramped up affordably. Research, development and demonstration (RD&D) programs can have a tremendous impact.
What’s in the Energy Act: The think tank Resources for the Future (RFF) recently published an analysis of the impact of the Energy Act for five advanced energy technologies — nuclear, carbon capture, storage, direct air capture and geothermal — if fully funded for 10 years. RFF found that 10 years of funding for these five technologies could represent between 142 to 1,029 million metric tons of cumulative CO2 abatement through 2038. When combined with other tax credit and bipartisan regulatory policies, this law could lead to reduction in carbon emissions of between 1,400 and 2,500 million metric tons of CO2 over the next 17 years. Plug in: Rich Powell explains more in our video, The Energy Act of 2020: A Monumental Climate and Clean Energy Bill.