Home U.S. NEWS Biden’s climate law aims to cut US emissions by 35-43% by 2030 – EPA

Biden’s climate law aims to cut US emissions by 35-43% by 2030 – EPA

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Biden’s climate law aims to cut US emissions by 35-43% by 2030 – EPA

(Reuters) – The U.S. economy is on track to emit between 35% and 43% less carbon dioxide than in 2005 by 2030 due to the Inflation Reduction Act (IRA), according to a U.S. government report released on Tuesday .

President Joe Biden’s IRA, which took effect in August 2022, provides billions of dollars in tax credits to help consumers buy electric vehicles and companies produce renewable energy.

The Environmental Protection Agency (EPA) report analyzed the impact on an estimated $391 billion in support under the IRA for climate and clean energy programs and incentives through 2031.

U.S. annual carbon dioxide emissions are expected to fall to an average of 3,300 tons in 2035, below the 4,100 tons projected without the IRA – equivalent to closing 214 coal-fired power plants – and below the 6,130 tons in 2005, the report said.

The report showed that the EPA “has advanced climate action in the United States,” said John Podesta, a senior White House adviser on clean energy.

CO2 emissions from electricity generation were forecast to decline by 49% to 83% in 2030 compared to 2005, largely due to greater use of solar and wind energy.

By 2035, CO2 emissions from electricity will be, on average, half of what they were in the “No IRA” scenario, the models showed.

The modeling does not take into account the impact of a controversial plan the EPA announced in July to cut emissions from U.S. power plants through large-scale use of carbon capture and green hydrogen.

(Reporting by Deep Vakil in Bengaluru; Editing by John Stonestreet)

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