The 2024 presidential election is approaching, with Joe Biden and Donald Trump emerging as the leading candidates. Here’s an overview of the latest developments:
Energy and Climate Policy
Samantha Gross, director of the Energy Security and Climate Initiative at Brookings, discusses the energy and climate policy issues in the U.S. presidential election. The debate centers around different approaches to addressing climate change and energy security.
Trump Administration’s Impact
The Trump administration’s most significant impact was its withdrawal from the Paris Agreement, harming the U.S. reputation abroad as a reliable partner in climate action. However, the administration’s deregulatory efforts were frequently challenged in court and had limited success.
Biden Administration’s Impact
The Biden administration’s most significant impact has been the passage of the Inflation Reduction Act, the largest piece of climate legislation ever passed in the United States. It focuses on tax subsidies and loan guarantees to encourage a lower carbon economy.
Energy Independence
Energy independence is a political concept rather than a physical and market reality. The U.S. is the world’s largest producer of oil and natural gas but still imports oil. Energy security is the real goal, and the U.S. is one of the best-positioned countries in terms of energy security. Fossil Fuel Alternatives
Both future administrations would likely support nuclear power, which provides almost 20% of U.S. electricity and almost half of U.S. zero-carbon electricity. However, there is a big difference between the two parties on renewables, with Trump opposing wind power and Biden supporting it.
International Agreements
The Paris Agreement is a framework for countries to make broad promises, but the real action takes place elsewhere. The U.S. withdrawal from the agreement damaged its reputation abroad, but smaller groups of countries or companies can still make decisions about how to move forward.
Election Implications
Reducing greenhouse gas emissions creates economic and business opportunities. If the U.S. pulls back on efforts in the energy transition, it will miss opportunities to lead in the new economy and direction that the world is going. Dealing with climate change is not just a challenge, but an opportunity.
