Green energy investment set to ‘explode’ after Obama unveils carbon cuts

June 2, 2014 by  
Filed under Green Energy News

Though details of the cuts will not be unveiled until Monday, the Wall Street Journal reported Sunday that the executive order could include forcing carbon emission cuts of 30 percent by 2030 on existing power plants, based their 2005 emission levels. 

Citing two people briefed on the proposed rule,  the newspaper said individual states will have to implement the cuts, with compliance plans due to be submitted to the EPA by June 2016.

Though the size of the emission cuts hasn’t been confirmed yet, environmentalists had hoped to see a larger percentage when Obama releases the figures Monday.

“What we’re looking for are cuts of 35-40 percent by 2020 from 2012 levels,” Brune said.  “This is what we need to see in order to get the carbon reduction from the U.S. that will both compel international negotiations and meet what climate scientists are saying has to be done.”

Cuts based on the 2012 emission levels would be much more significant than using 2005 levels as the baseline, Brune added.

Climate scientists have warned that the world’s temperature increase has to be capped at 1.5 degrees Celsius. According to Brune, that would require carbon emission cuts of around 50 from 2012 levels percent by 2030.

Monday’s EPA guidelines will also include plans to prepare the U.S. for the impacts of climate change — including strengthening roads, bridges, and shorelines — after scientists said extreme weather events like 2012′s Hurricane Sandy . The government will also strive to lead international efforts to combat climate change through global negotiations.

“Last year alone, there were 11 different weather and climate disaster events with estimated losses exceeding $1bn in estimated damages, which would make it the second-costliest year on record,” according to the president’s climate action plan released last June.

Reports of Monday’s new EPA guidelines have prompted a Republican backlash in anticipation of the plan.

Wyoming Republican Sen. Mike Enzi said Saturday that the plan would make electricity more expensive, “if we can get it.” The senator added that the rules would make little or no difference in combating pollution and climate change, but would hit the pockets of average Americans.

“Let’s face it, that’s what they always say,” Obama said in his weekly address Saturday from Washington, D.C. “They warned that doing something about the smog choking our cities, and acid rain poisoning our lakes, would kill business. It didn’t. Our air got cleaner, acid rain was cut dramatically, and our economy kept growing.”

Obama added that nearly a dozen states had already implemented their own market-based programs to reduce carbon pollution. Over 1,000 mayors had signed agreements to cut their cities’ emissions.

“The idea of setting higher standards to cut pollution at our power plants is not new,” the president said. “Its just time for Washington to catch up with the rest of the country.”

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