Carbon Neutrality Policy Updates forthe United States
Glen SWEETNAM
Senior Vice President, Asia Pacific Energy Research Centre (APERC)
2 September 2024 – Tokyo, Japan

Outline• Biden Administration Goals• Legislation, Regulation, and International
Cooperation• Energy Earth Shots• Conclusions2

Goals: Combat climatechange & transition to a
low-carbon economy• Economy-wide net-zero by 2050
• 2030 emission reduction targets: 50-52% by2030• Clean Energy Transition: carbon free powerby 2035
• Electrification of Transport: 50% zeroemission vehicle sales by 2030
• Decarbonize Industry: hydrogen and CCUS
• Resilience and Adaptation• International Collaboration

3Bipartisan
Infrastructure
Law4Inflation Reduction Act

CLIMATE AND
CLEAN ENERGYRESIDENTIAL
BUILDINGS

US$369 BILLION

US$9 BILLIONTECHNOLOGYMETHANE EMISSIONSREDUCTION
PROGRAMDEPLOYMENT
US$27 BILLION

CLEAN ENERGYTECHNOLOGIESMANUFACTURING

CLEAN ELECTRICITY
STORAGEENVIRONMENTALJUSTICERURAL COMMUNITIES

US$30 BILLION

US$20 BILLION

US$3 BILLION
5accelerating breakthroughs of more abundant, affordable,
and reliable clean energy solutions within the decade6Affordable Home Energy
Shot
Reduce the cost of energyefficient retrofits inaffordable homes by 50%
and decrease residents’energy costs by at least
20% within a decade.
78

Carbon Negative Shot
Remove CO2 from theatmosphere and durably
store it at meaningful
scales for less than$100/net metric ton of CO2equivalent within a decade.

9Clean Fuels & Products
Shot
Decarbonize the fuel andchemical industry throughalternative sources ofcarbon to advance costeffective technologies.

10Enhanced Geothermal Shot
Reduce the cost of enhanced
geothermal systems by 90%, to$45 per megawatt hour by 2035
to unlock Earth’s nearly
inexhaustible heat resources toprovide reliable, clean power for
Americans and expand
opportunities for a robust
domestic geothermal industry.

11

Floating Offshore Wind
Shot
Drive down costs to $45 per
megawatt hour by 2035 tospur U.S. leadership infloating offshore windtechnology, accelerate
decarbonization, and deliver
benefits for coastal
communities.

13

Hydrogen Shot
Accelerate innovation andspur demand of cleanhydrogen by reducing thecost by 80%, to $1 per 1
kilogram of clean hydrogen
within 1 decade.

14

Industrial Heat Shot
Develop cost-competitive
industrial heat
decarbonization
technologies with at least
85% lower greenhouse gas
emissions by 2035.

15

Long Duration Storage
ShotAchieve affordable grid
storage for clean power—
anytime, anywhere—byreducing the cost of gridscale energy storage by 90%
for systems that deliver 10+
hours of duration within thedecade.
17

State-level Initiatives• California• Climate Plan
• New York• Green New Deal
• Oregon• Climate Resilience Package• Hawaii• Clean Energy Initiative18

International Cooperation

Paris Agreement

Green Climate Fund

Carbon Management
ChallengeDecarbonizingInternationalShipping

Global Methane
PledgeKigali Amendment(Reducing HFCs)

Accelerating CCUS
And CDR
Technologies

Ending Deforestation

19Conclusion
The Biden Administration made Climate Change a top priority from the very start by
setting goals, supporting legislation, enacting regulations, and funding innovation.
The Inflation Reduction Act and the Bipartisan Infrastructure Law were the two key piecesof legislation estimated to provide on the order of 1 trillion USD to accelerate thetransition.
The Energy Earthshots programs are designed to increase innovation in 8 areas.

International cooperation is a key component of the U.S. approach to carbon neutrality.

20

Thank you
https://aperc.or.jp