The Biden administration on Thursday unveiled a sweeping plan to slash greenhouse gas emissions from the U.S. power industry, one of the biggest steps so far in its effort to decarbonize the economy to fight climate change.
would limit how much carbon dioxide power plants, which are the source of more than a quarter of U.S. emissions, can chuff into the atmosphere, putting the industry on a years-long course to install billions of dollars of new equipment or shut down.
"Today we're proposing new technology standards that will significantly reduce greenhouse gas emissions from fossil fuel power plants, protecting health and protecting our planet," EPA Administrator Michael Regan told students at the University of Maryland on their last day of school on Thursday. "When you look at what is in the rule and what is proposed we are absolutely in line with the president's goal," he said.by the Supreme Court, which ruled last year that the agency cannot impose a system-wide shift from fossil fuels to renewable energy, but can regulate plants by setting technology-based standards applied on-site.
The agency and research groups said the proposal reflects the current trends in the power sector, which has seen a decline in coal capacity from 321 gigawatts to 219 GW from 2005 to 2022, a surge in new renewable capacity and some utilities contemplating the use of CCS and hydrogen in their medium-term plans.
It said the Inflation Reduction Act, President Joe Biden's signature climate bill, will offer billions of dollars in tax incentives and credits that will bring down costs for deployment of CCS and green hydrogen, justifying its decision to base new standards on those technologies.
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