Per America’s Pledge Initiative on Climate, a coalition of 17 states, 540 cities, counties and tribes, 1,914 businesses and investors, 253 faith-based and cultural organizations, and 343 higher education institutions have signed a declaration of support for the Paris Agreement and commitment to continued action on climate change. The economic activity of this coalition is equivalent to that of the third-largest country in the world, representing over half of the U.S. population (173 million people), over half of the American economy ($11.4 trillion), and over 35 percent of nationwide GHG emissions. Compare to the GDP of China (12.2 trillion) and Germany (3.7 trillion).
Broader engagement of the coalition has the potential to reduce emissions by more than 24 percent below 2005 levels by 2025 - within striking distance of the Paris pledge of 26 percent. Climate-action strategies to achieve the 2025 target include:
#1: Double down on renewable energy targets
#2: Accelerate the retirement of coal power
#3: Encourage residential and commercial building efficiency retrofits
#4: Electrify building energy use
#5: Accelerate electric vehicle (EV) adoption
#6: Phase down super-polluting hydrofluorocarbons (HFCs)
#7: Stop methane leaks at the wellhead
#8: Reduce methane leaks in cities
#9: Develop regional strategies for carbon sequestration on natural and working lands
#10: Form state coalitions for carbon pricing.
This is not a Democrat versus Republican issue. One does not have to believe firmly that climate change is caused mostly by human activity to want to do something to reduce GHG emissions. Think on this: the first state to establish Renewable Portfolio Standards for utilities was Iowa. Even Republican-controlled Congress has done its part. Under the Bipartisan Budget Act of 2018, a number of tax credits for residential energy efficiency that had expired at the end of 2016 were renewed. The tax credit for builders of energy efficient homes and tax deductions for energy efficient commercial buildings have also been renewed.
While businesses do not set public policy, they heavily influence US emission levels through decisions on how to spend their money. And many businesses are investing in technologies to reduce GHG emissions. Even Big Oil has gotten into the act. For instance, ExxonMobil has a $500 million joint venture with Synthetic Genomics to genetically engineer photosynthetic algae to produce renewable crude from sunlight and carbon dioxide. Who cares whether they’re doing this out of self-interest or the goodness of their hearts? In my book, results matter more than intentions.
There really is room for hope.
Reference:
America’s Pledge Initiative on Climate (2018) “Fulfilling America’s Pledge: How States, Cities, and Business Are Leading the United States to a Low-Carbon Future.” Available at: www.americaspledge.com