When President Obama envisioned a new energy economy in 2009, the opposition called it radical, which would bankrupt the country with an unclear goal. But since 2005, the United States has reduced its annual energy-related carbon dioxide levels by 14%, while its economy has grown by 28%.
Public policy encourages investment in clean energy alternatives, prompting utility companies to purchase solar and wind energy; the prices of these fuels have fallen drastically and are now becoming cheaper. At the same time, the public has been demanding change and the oil and gas business is also struggling to find its place in a decarbonized world.
“Democrats have won three consecutive victories,” referring to the White House and both houses of Congress, Massachusetts Senator Edward Maki said in a speech sponsored by OurEnergyPolicy. “This is driven by young people and old people who have raised climate change to a level of political power that we have never seen before. Now you have been elevated to the three or four issues you care about the most. The planet has a fever. . We must commit to preventive health care.”
In 2009, then Rep. Markey and former Rep. Henry Waxman of California wrote a capital trade measure to reduce carbon dioxide emissions. Two years ago, Senator Markey and Representative Alexander Ocasio-Cortez launched the Green New Deal. The package plan will increase investment in wind and solar technology, electric vehicles, energy efficiency, public transport and smart grids to make more room for green electronics.
At the same time, these projects will reach out to at-risk communities and communities now dependent on carbon, all of which is promoted by well-funded “climate banks” that provide low-interest loans and private climate teams that protect wetlands and other ecologically friendly zones sensitive.
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This is all part of the larger Capitol Hill infrastructure plan: One dimension is bipartisan cooperation, which will invest in roads, bridges, seaports, airports, and broadband. The second part is under the theme of the “United States Employment Program” focused on the climate. The American Chamber of Commerce and the American Petroleum Institute declared that no matter how, Americans will be rewarded handsomely: 13,000 jobs will be created for every $ 1 billion spent. Chapter
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“The public sector must take the lead,” Senator Markey said. “The private sector will get stronger. If you do it right, the industry will recognize it. The technology already exists and companies can make longer-term investment decisions. We need to build it in a way that it can be successful.
Consider: 2,000 megawatts of solar power and 25,000 megawatts of wind power were deployed in 2009. Today, there are 100,000 megawatts of solar power and 140,000 megawatts of wind power. At the same time, electric vehicles are expected to prosper: Bloomberg New Energy Finance predicts that in 2025, 10% of all new cars will be electric vehicles, reaching 28% by 2030 and 58% by 2040. For example, by 2035, all electric cars will be produced.
The International Renewable Energy Agency (IRENA) stated that if the energy transition accelerates, the world economy will grow by 2.4% in the next ten years. The agency’s 1.5-degree trajectory predicts there will be 122 million energy-related jobs by 2050, more than double the current 58 million. He stated that to achieve this objective an annual investment equivalent to 5% of world GDP is required. A Stanford University study generally agrees that the benefits of this conversion will outweigh the costs. He cited reductions in global warming and air pollution, as well as stable energy prices and new jobs.
“The energy transition will drive the economic transition” and solve the problem of poverty, said Francesco La Camera, Director General of IRENA.
This is certainly not a perfect transition. For example, California now relies on natural gas for a third of its electricity, and almost all of its electricity is imported from outside the state. In other words, California is meeting its renewable energy targets, which now account for about 40% of the power generation mix. He hopes to achieve the decarbonization of the network by 2045.
But what about states that depend on fossil fuels? In another discussion hosted by OurEnergyPolicy, former DuPont, Bank of America CEO and former Royal Dutch Shell Chairman Chad Holliday stated that the impact of climate change on humans may dwarf COVID19. However, he said oil and gas companies are not enemies, they bring with them an inherent skill set.
“If we think this industry is the enemy and we have to shoot them, it won’t work,” Holliday said. “Ask what we can do and where we should cooperate.” 4,444 green workers hope to provide 4,444 green jobs for disadvantaged youth 4,444 Richmond, California June 3: A former gang member who has served 8 years in prison Daryl Horne [+] GETTY IMAGES
To this end, a Wood MacKenzie report indicated that $ 211 billion will be invested in offshore wind over the next five years, which is well suited for oil and gas companies. That’s because they have a deep understanding of the waters where the turbines are installed. For example, Norway’s
Equinor goal is to cut its carbon intensity in half by 2050. It therefore shines in renewables, especially offshore wind: 6,000 MW in 6 years and 16,000 MW in 15 years. At the same time, Royal Dutch Shell is building electric vehicle charging stations and ExxonMobil is also building electric vehicle charging stations. USD 10 billion is being invested to reduce emissions