ESG Quick Takes
ESG Quick Takes 7 - US Climate and Energy Policy is behind
Aug 22, 2022
Samantha Gross, a fellow and director of the Energy Security and Climate Initiative at The Brookings Institution, discusses the recently approved Inflation Reduction Act and its implications for businesses, investors, and the energy transition. The podcast explores the importance of energy in addressing climate change, the differences between US and European oil majors in approaching renewables, the significance of carbon capture and storage, and potential investment opportunities in the renewable energy sector. Overall, the discussion highlights the positive impact of the energy policy bill on climate action and renewable energy.
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Quick takeaways
- The United States has made progress in reducing emissions through phasing out coal and improving transportation efficiency, but more comprehensive legislation like the Inflation Reduction Act is needed to accelerate the energy transition.
- The Inflation Reduction Act focuses on reducing oil demand by decarbonizing the power sector and electrifying transportation, which is crucial for achieving emission reductions without displacing the industry and risking lax environmental standards abroad.
Deep dives
The Importance of Energy in Addressing Climate Change
The energy system is crucial for addressing climate change as it accounts for 75% of greenhouse gas emissions. Solutions to the problem must focus on transforming the energy system. While the United States has been perceived as lagging in proactive climate policies, there have been some positive developments such as a decrease in emissions due to the phasing out of coal and increased efficiency in transportation. However, more comprehensive legislation, like the Inflation Reduction Act, is needed to accelerate the energy transition.
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