The Biggest Energy Bill In A Decade Was Just Passed

After the novel coronavirus turned the entire energy industry on its head, much of the world took up the tip and dived headlong into the global energy transition, some in the interests of avoiding catastrophic climate change by creating a decarbonized future and others in the interests of in staying afloat in a decarbonized economy that seems to be increasingly inevitable.
The World Economic Forum has spoken out in favor of a "new energy order" and a "major reset". Prominent international organizations such as the United Nations, the International Energy Agency and the European Union are drawing up or adopting green recovery plans. In the private sector, a surprising number of blue chip companies are pushing for a green energy incentive, but the United States has been slow to follow and is fast falling behind.
In this regard, Vox published an article in August claiming "the US has everything it needs to decarbonize by 2035" and outlined a plan for "How to Get Fossil Fuels Out of the US Economy Quickly." ". The game plan envisages a mobilization as extensive as President Franklin Delano Roosevelt's New Deal, which revived the US economy after the Great Depression "with a massively expanded workforce (women and African Americans) and turbo-charged manufacturing capacities". For the United States - the world's second largest greenhouse gas emitter after China - this kind of all-or-nothing effort is essential to "decarbonize the economy fast enough to avert the worst of climate change." Vox reports. “In order to do its part to limit the global temperature rise to 1.5 to 2 ° Celsius, the USA must achieve net CO2 emissions of zero by 2050 at the latest. To do this, all of the resources of the US economy must be dedicated to producing the technology and infrastructure necessary for clean energy. "
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Hope is finally on the horizon. A new stimulus proposal, amazingly already approved by the US Congress, puts approximately $ 35.2 billion in energy technology initiatives that a political analyst calls "the biggest energy bill we've seen in ten years" designated. These historically large funds will go into the 2020 Energy Bill and the Energy Bill for the Environment, both of which are driving major technology initiatives. "[The Energy Act of 2020] is a non-partisan, two-chamber energy innovation package that approves R&D activities valued at over $ 35 billion across the DOE portfolio and strengthens or creates programs for the adoption of new technologies on the Market are crucial, "reads a US government summary document.
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According to reports from TechCrunch, solar energy, transportation technology, and energy efficiency are the biggest winners on the new energy bill. “There is $ 1.5 billion available for new solar technologies, including modules, concentrated solar technology, new photovoltaic technologies, and initiatives to expand solar manufacturing and recycling technologies. And $ 2.6 billion for transportation technology, ”writes TechCrunch. "Finally, energy efficiency and weather programs will continue to be supported by a $ 1.7 billion reauthorization of the Weather Support Program."
A significant portion of the money will also be devoted to power grid technology, energy storage, smart utility and power distribution innovations, hydropower generators, and new research and development for wind and offshore wind technologies.
The money is flowing not only into renewable energy, but also into economic sectors where innovation and improvement are urgently needed to support the overall decarbonization effort. Industries like iron, star, aluminum, cement, shipping, aerospace, and long-haul, all of which are currently high-emitting fossil fuel fossils, will have access to a $ 500 million pot to help make these industries greener.
This bill is sure to be a blow to the ailing US shale industry, which has been the US powerhouse for many years. However, countless studies show that green energy, rather than fossil fuels, will create much-needed jobs for the United States. In the long run, the ESG is a smart investment for the country and its workers, many of whom are quickly becoming obsolete. As indicated in the Summary Report of the Energy Act 2020, this substantial investment at this critical point will help “reduce our country's greenhouse gas emissions, bring well-paying jobs back to the US, and enable us to export these technologies to overseas markets will grow for years to come. "
But this calculation is just the beginning. There is still much to be done if we have the chance to achieve zero net carbon emissions by 2050. While this bill is only the first step, it is an extremely promising step forward for the bipartisan collaboration on the global green energy transition that is already underway, like it or not.
By Haley Zaremba for Oil Genealogie
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