“If signed into law, the bill’s hefty tax incentives for low-carbon technologies could enable the country to cut its net greenhouse gas emissions by roughly 40 percent below 2005 levels by the end of this decade, according to forthcoming research by the Princeton-led REPEAT Project. While that falls short of President Biden’s goal to cut U.S. emissions by at least 50 percent below 2005 levels by 2030, experts said that additional policies like new federal regulations or more aggressive state and local climate action could help close the gap.
“This bill does about two-thirds of the work we need to do to hit our climate goals, which for a single piece of legislation is a really big deal,” said Jesse Jenkins, an energy systems engineer at Princeton who helped lead the modeling effort. “And by driving down the cost of clean energy, it can make it easier for states or cities or companies to take further climate actions on their own.”
Without the bill, emissions in the United States were already on track to fall roughly 26 percent from their peak in 2005 by the end of this decade, the researchers found. That’s partly because electric utilities have been closing down coal-fired power plants in favor of cheaper and cleaner natural gas, wind and solar power, and because Americans are starting to buy more electric vehicles, which typically create fewer emissions than gasoline-powered models.”
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