Is America asleep to a growing threat, or overhyping it? Lawmakers debate how to preserve democratic values at home and abroad as China鈥檚 global influence expands.
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Monitor Daily Podcast
March 01, 2023
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Mark Trumbull
Staff writer
Here鈥檚 some electrifying news: The world鈥嬧�檚 investment in the transition toward鈥� low-carbon energy 鈥媠urpassed $1 trillion 鈥媐or the first time 鈥媔n 2022鈥�, according to a recent analysis by the research group Bloomberg New Energy Finance.
鈥婽丑别 also represents a big acceleration from the year before鈥� 鈥� and comes despite the way Russia鈥檚 invasion of Ukraine roiled traditional energy markets.鈥� China led the charge, followed by the European Union, the United States, and other nations.
The trend has broad in the U.S. and beyond.
In Europe, the progress includes surging purchases of electric vehicles and heat pumps for residential air and water.
In the U.S., last year鈥檚 Inflation Reduction Act includes funding and incentives for a similar surge. Between that new money and the affordability of renewable power sources, a reduction of economywide greenhouse gas emissions 50% below 2005 levels by 2030. That, in turn, would keep a longer-term commitment within reach: net-zero emissions by 2050.
But 鈥渨e鈥檙e not going to achieve [this] if we don鈥檛 clear the way,鈥� says Lori Bird, director of the U.S. energy program at the World Resources Institute in Washington.
That鈥檚 because the next step would be to double the pace of both power and transmission-line expansion, yet many energy projects are hitting delays. Ms. Bird and colleague Katrina McLaughlin have been thinking about . For one thing, they recommend enlisting community engagement and identifying community benefits early in project development, to address 鈥渘ot in my backyard鈥� opposition. Other steps they propose could reduce bureaucratic slowdowns.
The benefits will be broad-ranging, Ms. Bird adds, even for people who don鈥檛 have climate change as their top priority.
鈥淭his is important at the local level because of the impacts that we鈥檙e seeing from climate change,鈥� such as stronger hurricanes and wildfires, and extreme heat, she says.聽Then there鈥檚 improved air quality, and the promise that strengthening electric grids will make them more reliable and bring energy costs down over time.聽鈥淚t鈥檚 economically beneficial,鈥� Ms. Bird says. 鈥淚t creates jobs in communities.鈥�