(MENAFN- 3BL) April 25, 2024 /3BL/ - Ceres celebrates the U.S. Environmental Protection Agency's newly released power plant standards as a key policy that will ensure the nation is powered by abundant, reliable, affordable low-carbon energy.
Ceres and the companies it works with were major advocates for strong 111(b) and 111(d) standards throughout the EPA's rule-making process.
In 2023, dozens of leading businesses submitted a letter calling for the EPA to finalize the most robust standards to maximize the climate, public health, and economic benefits from reduced climate pollution.
“As the costs of the climate crisis and the cost-effectiveness of clean energy have each become increasingly clear, so too has the need for a more rapid transition in the power sector towards affordable, reliable American-made decarbonized energy,” the businesses wrote in the letter.“Moreover, these standards are achievable and will provide the clarity and certainty that the economy - and that we as major power sector customers and investors - need.”
The Clean Energy Group - a coalition of power providers serving more than 100 million Americans over 47 states - submitted a separate letter in 2023 supporting the EPA's role in reducing greenhouse gas pollution from power plants.
Ceres Senior Program Director for Climate and Energy Dan Bakal also testified to the EPA in 2023, calling for strong standards that“will help strengthen our economy and ensure that the United States remains a global leader in clean energy.”
The EPA built its new standards on an agency forecast for the growth of technological innovation, especially for carbon capture and storage technology. Recent research published by Ceres shows that throughout its history, the EPA has been highly effective at forecasting technological progress and the feasibility of newly implemented standards, and that new standards help provide regulatory certainty to drive that progress, innovation, and growth.
The power sector makes up 25% of greenhouse gas emissions in the U.S., and power plants are the nation's second-largest source of climate pollution. To meet U.S. climate goals, it is essential to not only reduce pollution from the electricity necessary to meet current needs in the U.S., but to also add enough additional clean power to meet projected growth in future demand. That includes growth in parts of the economy such as vehicles and building appliances that are moving toward electric power to reduce their costs and climate impacts, and new advanced manufacturing spurred by recent federal incentives.
The EPA's new standards apply to existing coal-powered plants and new gas-powered plants; additional EPA action for existing gas-powered plants is expected in the future, and Ceres will continue to engage investors and companies in support of robust standards.
About Ceres
Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world's greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies, and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres and follow @CeresNews.
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