Amy Myers Jaffe discusses CPL’s newest policy brief about how a U.S. loan guarantee program can spur experimentation and innovation by helping firms avoid the “valley of death” in the innovation process.
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The International Energy Agency’s recent Clean Energy Innovation assessment is that more than 50% of the technologies needed for the attainment of net zero greenhouse gas emissions targets by 2050 are not yet commercialized and need rapid acceleration. Considering the global climate crisis, research, development, and demonstration (RD&D) spending on clean energy needs to be higher and more effective. Bipartisan support for spending on clean energy innovation has been a fixture of the US Congress over the past decade. Now as Congress debates the path forward for this investment, more attention should be given to how to improve outcomes from new appropriations.
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The pressure to enact ambitious climate policy is higher than ever, as the IPCC clarifies the urgency of the challenge, and key global summits draw closer. In addition to emissions reduction targets and investment in green infrastructure, political leadership in the European Union and the United States are considering a “carbon border tax.” This is a duty on imported goods, determined based on the carbon (or greenhouse) footprint of the process used to manufacture the good in the country of origin. These are attempts to mimic the “climate club” approach of the Montreal Protocol, but need to pay much closer attention to the details of that agreement. In this blog, Fletcher School junior fellow, Tarun Gopalakrishnan explains why.
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Since the onset of the COVID crisis, economic stimulus has been re-framed as roadmaps to ‘green recovery’ or ‘building back better’. The question is whether these ideas are useful for India, especially when it is facing a longer road out of the pandemic than previously thought. Evidence supports that they are relevant, for three reasons.
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Market-based policy tools like the emissions trading system are a new endeavor for China, which has generally relied on command-and-control policies to regulate the environmental protection since the establishment of pollutant discharge fees in 1978. However, new approaches became more pressing as air pollution rose to be a major focus of Chinese society starting in 2008 and concerns about climate change issues increased over time.
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On February 3rd, a proposal to establish a National Green Bank was floated in both chambers of the U.S. Congress. The proposal calls for $100 billion Clean Energy and Sustainability Accelerator to help unlock credit and direct financing towards technologies that need to be commercialized. This proposal also follows closely on the heels of the recently released National Academies of Science, Engineering and Medicine report on deep decarbonization (co-authored by Kelly Sims Gallagher) which calls for a green bank at the federal level that can help capitalize local level green banks. It comes amidst reports that governments, corporations and other entities last year raised over $490 billion in green bonds and social impact vehicles.
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Section six of the new Biden Administration directive on “Rebuilding and Enhancing Programs to Resettle Refugees and Planning for the Impact of Climate Change on Migration” orders the Assistant to the President for National Security Affairs (APNSA) to prepare and submit to the president a report on climate change and its impact on migration, with an eye to informing the administration on the international security dimensions of climate-related migration. The order includes studying “mechanisms” for identifying individuals displaced directly or indirectly from climate change and considering options for their protection and/or proposals for how findings on climate migration might inform U.S. foreign assistance programs. The report will cover opportunities to work with international organizations, non-governmental organizations, or localities trying to respond to such migration. It is a huge but important task. The President gave his team 180 days.
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This week, ExxonMobil estimated that methane leakage from its oil and gas oil field activities should fall by 30 percent by 2025 –contributing to a total decline of 12 percent company wide -- as it brings its overall carbon intensity targets for methane and flaring emissions down 40 to 50 percent. That target is unacceptably modest, even compared to its peer oil companies. But ExxonMobil’s lack of climate ambition is symptomatic of a larger problem. The United States and Europe will need to align methane policies.
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