Michael Cembalest, chairman of market investment and strategy for the asset management group, wrote that the U.S. needs to reduce its use of carbon much faster — a view he shares with the authors of the Green New Deal, including first-term Democratic RepresentativeYet Cembalest says the advocates of that plan have downplayed the difficulty of achieving their goals. The Green New Deal’s objective of reaching zero net greenhouse gas emissions in the U.S.
In his report, “Mountains and Molehills,” which was released on Monday, Cembalest starts by pointed out that even if the world succeeded at generating all its electricity from zero-emissions sources, such as renewable energy or nuclear power, electricity makes up less than one-third of fossil fuel consumption.Much harder, Cembalest argues, will be cutting fossil fuels out of industrial production, such as cement, steel, ammonia and plastics.
“For Green New Deal advocates: de-carbonizing industrial energy use is more easily said than done,” Cembalest writes.
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