One year ago, President Biden passed the Inflation Reduction Act (IRA). The IRA is widely acknowledged as the biggest climate legislation in U.S. history ($392 billion). It serves a dual purpose: to halve U.S. emissions by 2030 from 2005 levels, and to stimulate the economy and national competitiveness. The IRA is an important step in the right direction but only one of many to be taken.
Read MoreThe website “Restoring American Leadership” which chronicles the transition plans of U.S. President Elect Joe Biden includes a vision specifically on climate change. It calls on the United States to go further than just rejoining the Paris Climate Agreement to build “a more resilient, sustainable economy – one that will put the United States on an irreversible path to achieve net-zero emission, economy-wide, by no later than 2050.” The plan references multiple ways to accomplish net zero goals including promoting climate smart agriculture, building greener and more resilient public transportation infrastructure, and decarbonizing the power sector as well as creating additional union jobs via a major program upgrading existing buildings.
The transition planning, as described, misses the opportunity to put U.S. actions into a global perspective. We offer some suggestions for the new administration, based on the Climate Policy Lab’s research, on how to marry national domestic climate policy with international challenges and opportunities.
Read MoreIn 2022, the view from the windows of the hourly flights between Washington DC and Boston will change as wind machines appear off the northeast coast. The excitement around offshore wind intensified this week as the oil major, BP purchased a 50% share in two proposed windfarms off New York and Massachusetts from Norway’s Equinor, a giant energy company turned wind developer, in a $1.1 billion deal. This sale demonstrates the significance of the offshore wind sector (OSW) as energy giants like Equinor and BP recognize the future importance of large-scale renewables.
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