It would be comparable to removing all passenger vehicles from the road, or the yearly greenhouse gas emissions of Texas and Florida combined, according to the analysis.
“This is a really big deal,” Rhodium Group President John Larsen told CNN. “It would be the single largest action the federal government’s ever taken to deal with climate change.”
Out of the six measures the group analyzed, Rhodium estimated a combination of the clean electricity program, tax credits and funding for rural electric cooperatives would have the largest impact on US emissions, accounting for up to 715 million tons per year.
Rhodium’s analysis found that if utilities hit that minimum increase each year, the power sector would achieve a 73% clean share in 2030, just short of President Joe Biden’s 80% goal.
“There’s no reason why any utility wouldn’t get paid to overachieve,” Larsen told CNN. “If I do better than 4% per year, you could actually get paid for even more of doing the right thing. I think between the tax credits and the [clean electricity program], it’s a no-brainer for utilities to meet these goals.”
Rhodium estimated there’s an approximately 1.7 billion- to 2.3 billion-ton gap between where greenhouse emissions will be under the current US trajectory and where they’d need to be in order to meet Biden’s 2030 goal.
“We estimate that this could close about half the gap between where the US is likely to be and where it needs to be to hit the target,” Larsen told CNN, adding that gap could shrink if Congress goes even bigger with its investments.
Rhodium’s analysis also included a $7,500 electric vehicle tax credit, a methane emissions fee and more funding for agricultural and forestry programs that help remove carbon from the atmosphere.
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