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Could Oil Prices Hit $80 Per Barrel?

Could Oil Prices Hit $80 Per Barrel?

Oil prices have rallied over…

U.S. Needs To Cut Emissions By 57% To Meet Paris Agreement Goals

The United States needs to reduce its emissions by at least 57 percent by 2030 below 2005 levels to fulfill its share of the cuts consistent with the Paris Agreement, which the Biden Administration has rejoined, Climate Action Tracker (CAT) said in a new report on Thursday.

After rejoining the Paris Agreement on his first day in office, U.S. President Joe Biden and his Administration are preparing a new 2030 Paris Agreement target, or Nationally Determined Contribution (NDC), expected to be announced in time for the Leader’s Climate Summit on Earth Day on April 22.

According to CAT’s analysis, the United States now needs to significantly boost its domestic action to reduce emissions and strengthen its own target consistent with the Paris Agreement goals to limit global warming. The U.S. should aim to reduce its national greenhouse gas (GHG) emissions by at least 57-63 percent from 2005 levels by 2030, Climate Action Tracker said.

This target would also be consistent with the U.S. achieving a net-zero emission target by 2050, the analysis showed.

However, to make a fair contribution to the Paris Agreement, the U.S. will also need “to provide support to help other countries drive their own transitions to help shape global ambition on climate change,” CAT said.

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The analysis also examined President Biden’s policies for decarbonizing the U.S. electricity, transport, and building sectors. Decarbonizing the U.S. power sector by 2035 is consistent with a Paris Agreement pathway, but the Administration’s target for cutting emissions from the buildings sector by 50 percent by 2035 will not be compatible with the Paris Agreement, as more aggressive reductions would be needed.

In the transportation sector, which is the largest source of emissions in the U.S., “there is still a long way to go,” CAT said. A target compatible with the Paris Agreement would be 95-100 percent of sales of new light-duty vehicles in the U.S. to be zero-emissions at the national level by 2030. The U.S. doesn’t have any such targets or timelines, although President Biden has vowed to replace the almost 650,000-strong federal vehicle fleet with electric cars as part of his climate agenda.

By Charles Kennedy for Oilprice.com

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  • Bill Simpson on March 12 2021 said:
    The only way it could ever be accomplished without causing another Great Depression from skyrocketing prices for just about everything, resulting in massive demand destruction, would be to give away tens of trillions of dollars of helicopter money to the poor and middle class. That would prevent massive unemployment, as much of the economy shuts down from everything becoming unaffordable to most people. Kind of like they did with COVID -19. Without the trillions in handouts, the economy would be 25% smaller today. Hungry, armed people may have started a civil war or revolution.
    Carbon fossil energy is cheap, and there 24/7. Wind and solar are not. They should have gone 100% nuclear electricity 60 years ago, with standardized plants built in giant factories on the Mississippi River. Barge everything to where the nuke plants were needed, and run high voltage wires to the cities without barge access. Everything, except the Grand Canyon National Park, should have been dammed and flooded for hydroelectric power generation.

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