Pillow
The Biden administration formally proposed new regulations Thursday aimed at significantly reducing greenhouse gases from existing and newly built power plants, marking the first time the federal government has restricted carbon dioxide emissions from existing power plants, which generate about 25% of greenhouse gases. in the United States. pollution.
The Environmental Protection Agency said Its plan will reduce carbon emissions from new coal plants and gas stations by 617 million metric tons over 2028-42, which is equivalent to cutting annual emissions of 137 million passenger cars.
The plan will force the power and energy industries to rapidly develop carbon and methane capture technology that is still in its infancy.
Carbon capture, sequestration and storage technology is now Only used in a dozen or so of the 3,400 coal and gas fired power plants in the United States
Almost all coal plants—as well as large gas-fired power plants frequently—will need to reduce or capture at least 90% of their carbon dioxide emissions by 2038, and plants that don’t meet the new standards will be forced to retire.
The EPA did not provide an estimate of how much it would cost to implement the plan, but an analysis by the Clean Air Task Force said retrofitting a 300-megawatt commercial-scale natural gas plant with carbon capture would cost the utility $372 million and cost about the same. A $600 million coal plant.
In an effort to avoid the fate of the Obama-era Clean Power Plan — the Supreme Court ruled in 2022 that the Environmental Protection Agency had exceeded its regulatory authority — Biden’s new plan requires reductions in greenhouse gases inside power plants while saving power utilities. More flexibility about how emissions targets are met.
ETFs: (New York: XLE), (New York: XLU), (ICLN), (QCLN), (PBW), (PBD), (ACES), (CNRG), (ERTH), (SMOG)
Earlier this month, the US pipeline regulator unveiled new proposed rules aimed at reducing methane leakage from the country’s 2.7 million-mile network of natural gas pipelines.