As the reconciliation package finds itself bogged down in congressional gridlock, a rather anonymous piece of legislation from last December is already doing some of the heavy climate lifting. A recent study from the think tank Resources for the Future predicts that the landmark Energy Act of 2020 could reduce carbon dioxide emissions by as much as 2,500 million metric tons, or half a billion cars , by 2040. Haven’t heard of it? I’m not surprised.
While climate policy wonks in D.C. have long touted the importance of the Energy Act of 2020, few people have heard of it beyond the Beltway. It certainly has not received the same coverage that proposals such as the Green New Deal or the $3.5 trillion reconciliation package have. Yet, while the Green New Deal is little more than a progressive pipe dream at this point, and the reconciliation bill is facing an uncertain political fate, the Energy Act of 2020 is already fighting climate change today.
With figures into the multiple trillions of dollars floating around, it can be hard to conceptualize the real-world climate impact of such policies. Yet the recent statistics reported by RFF quantify the Energy Act’s genuine influence on reducing greenhouse gas emissions, showing that research and development of crucial clean technologies has both environmental and political potential.
The legislation directs funding toward R&D for key technologies such as carbon capture, battery storage, and nuclear power, among numerous other measures. Crucially, the bill targets emissions reductions by seeking to bring down the costs of these promising clean technologies. RFF estimates that the costs of advanced nuclear power will be reduced by 25% by 2035, given full R&D funding. Similarly, direct air capture, a crucial technology that would actively suck carbon dioxide out of the air, could experience 29% cost reductions.
Rather than measuring our so-called climate bills by the number of zeros behind them, we should prioritize actual emissions reductions and technology cost decreases. Our goal should be to make taking action on climate cheaper than not doing so, and this legislation firmly sets us on that path.
Energy innovation has become a cornerstone of serious climate strategy in D.C., ushering in rare opportunities for bipartisanship. When it passed last December, the Energy Act was bipartisan — with Sens. Lisa Murkowski, an Alaska Republican, and Joe Manchin, a West Virginia Democrat, spearheading the bill together. In the Senate, the bill included priorities from nearly 70 senators . After a contentious election in November 2020, senators were able to come together in favor of a bill that will mean real emissions reductions down the line. By innovating here at home, we can produce technologies that lower emissions everywhere, so goes the bipartisan climate wisdom.
Ultimately, the Energy Act of 2020, as a bipartisan, serious piece of climate legislation, should be inspiring to us in this moment of even greater polarization. It made historic investments in critical energy innovation areas, and RFF’s recent study is backing up the bipartisan hypothesis that American technology is crucial to tackling global climate change. While politicians quibble over reconciliation on Capitol Hill, America’s energy innovators are getting to work.
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