Commodities and Futures News

US sets new Paris climate target that Trump is expected to ignore

2024.12.19 05:59

By Valerie Volcovici

WASHINGTON (Reuters) – President Joe Biden’s administration has set a new U.S. target under the Paris climate agreement to slash greenhouse gas emissions by 61%-66% below 2005 levels by 2035, a goal officials called achievable by states even if President-elect Donald Trump follows through on vows to reverse federal policies.

The new “nationally determined contribution” reflects ongoing impacts of the Inflation Reduction Act and infrastructure bill on decarbonizing the economy and policies by states that tackle climate change, U.S. officials said.

“Our investments under this administration are durable and will continue to pay dividends for our economy and our climate for years to come, allowing us to set an ambitious and achievable 2035 target,” said John Podesta, Senior Advisor to Biden for international climate policy.

“We’re confident in America’s ability to rally around this new climate goal,” he said, adding that while Trump “may put climate action on the backburner, the work to contain climate change is going to continue in the United States.”

Under the Paris agreement, nations must deliver new and stronger national climate action plans to the UN Framework Convention on Climate Change before a deadline in February next year. The Nationally Determined Contributions (NDCs) must align with the target to limit global temperature rises to 1.5 degrees Celsius (2.7 Fahrenheit).

The Trump transition team did not immediately respond to a request for comment but the president-elect has said he may once again withdraw the U.S. from the Paris agreement.

Trump’s transition team is recommending sweeping changes to cut off support for electric vehicles and charging stations and impose tariffs on all battery materials globally, Reuters reported this week. Trump campaigned on pledges to achieve U.S. energy dominance through more fossil fuel production, not renewable energy.

An alliance of two dozen U.S. states and territories including New York, California and New Mexico that have pledged to continue aligning policies with Paris agreement goals set a collective, complementary goal on Thursday to meet the 61%-66% target.

The U.S. is not yet on pace to meet its goal of reducing greenhouse gas emissions by 50%-52% by 2030, according to the Rhodium Group, which found other major emitters including the EU, South Korea, South Africa and the UK also are not on target.

© Reuters. FILE PHOTO: US President-elect Donald Trump speaks during a meeting with House Republicans at the Hyatt Regency hotel in Washington, DC, U.S. on November 13, 2024. ALLISON ROBBERT/Pool via REUTERS/File Photo

Research group Energy Innovation found that under current policies, the U.S. can achieve a 46% reduction by 2035.

So far, only the UAE and Brazil have announced new NDCs ahead of the February deadline.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 101,704.25 2.97%
ethereum
Ethereum (ETH) $ 3,678.80 4.82%
tether
Tether (USDT) $ 0.999122 0.00%
xrp
XRP (XRP) $ 2.37 6.86%
bnb
BNB (BNB) $ 698.53 2.44%
solana
Solana (SOL) $ 207.32 4.59%
dogecoin
Dogecoin (DOGE) $ 0.362718 5.84%
usd-coin
USDC (USDC) $ 0.999701 0.01%
staked-ether
Lido Staked Ether (STETH) $ 3,673.54 4.76%
cardano
Cardano (ADA) $ 0.958805 7.26%
tron
TRON (TRX) $ 0.263313 3.33%
avalanche-2
Avalanche (AVAX) $ 42.39 8.91%
chainlink
Chainlink (LINK) $ 24.73 9.02%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,370.29 4.70%
shiba-inu
Shiba Inu (SHIB) $ 0.000024 6.94%
the-open-network
Toncoin (TON) $ 5.40 5.28%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 101,727.26 2.71%
sui
Sui (SUI) $ 4.47 1.46%
stellar
Stellar (XLM) $ 0.397474 8.15%
polkadot
Polkadot (DOT) $ 7.57 8.16%
hedera-hashgraph
Hedera (HBAR) $ 0.29334 1.23%
weth
WETH (WETH) $ 3,684.21 4.69%
bitcoin-cash
Bitcoin Cash (BCH) $ 481.03 8.17%
uniswap
Uniswap (UNI) $ 14.90 6.04%
hyperliquid
Hyperliquid (HYPE) $ 25.90 1.47%
leo-token
LEO Token (LEO) $ 9.23 4.30%
litecoin
Litecoin (LTC) $ 108.36 7.92%
pepe
Pepe (PEPE) $ 0.000019 10.71%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,888.11 4.74%
near
NEAR Protocol (NEAR) $ 5.68 8.80%
aptos
Aptos (APT) $ 12.38 2.66%
bitget-token
Bitget Token (BGB) $ 4.49 1.08%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.07%
internet-computer
Internet Computer (ICP) $ 10.97 8.02%
usds
USDS (USDS) $ 0.999517 0.02%
aave
Aave (AAVE) $ 339.49 8.18%
crypto-com-chain
Cronos (CRO) $ 0.177607 4.99%
ethereum-classic
Ethereum Classic (ETC) $ 29.25 7.39%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.51449 6.90%
mantle
Mantle (MNT) $ 1.24 5.17%
vechain
VeChain (VET) $ 0.050542 6.38%
render-token
Render (RENDER) $ 7.77 6.98%
monero
Monero (XMR) $ 208.06 5.04%
mantra-dao
MANTRA (OM) $ 4.00 1.27%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.40 10.99%
whitebit
WhiteBIT Coin (WBT) $ 25.12 0.59%
arbitrum
Arbitrum (ARB) $ 0.844866 9.12%
bittensor
Bittensor (TAO) $ 482.27 8.24%
dai
Dai (DAI) $ 0.999065 0.06%
filecoin
Filecoin (FIL) $ 5.58 8.43%