Estimates published on Tuesday by research group Rhodium have shown that greenhouse gas emissions increased slightly from the previous year in 2022 by 1.3%, keeping the U.S. just 15.5% below 2005 levels and off track to meet its global pledge to slash emissions 50-52% by 2030.
Preliminary estimates released by the group showed a lower emissions increase for 2022 than in 2021 when emissions rebounded 6.5% after plunging 10.6% during the first year of the coronavirus pandemic in 2020.
Unlike 2021, the economic growth rate outpaced the emissions rebound, which means that the economy’s carbon intensity declined, the report said, adding that the decline was driven by a drop in the power sector as gas and renewable energy displaced coal.
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However, building emissions rose by 6% in 2022 due to increased heating demand amid lower-than-average winter temperatures.
The group said the government need to fast-track implementation of the Inflation Reduction Act (IRA), which has unleashed over $300 million in climate-related spending and tax incentives for electric cars and renewable energy for the country to see emission reductions in 2023.
Last year, a report projected that emissions would fall 31% to 44% from 2005 levels by 2030 under the Inflation Reduction Act.
โHowever, even with the IRA, more aggressive policies are needed to fully close the gap to 50-52% by 2030,โ the analysis added that federal agencies need to propose aggressive regulations driving down emissions.
Story was adapted from Reuters.
