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illuminem summarizes for you the essential news of the day. Read the full piece on Bloomberg or enjoy below:
🗞️ Driving the news: A new analysis by Rhodium Group indicates that the U.S. is unlikely to meet President Biden’s goal of cutting greenhouse gas emissions by at least 50% by 2030, compared to 2005 levels
• The report highlights increasing electricity demand from artificial intelligence and data centers as significant obstacles
🔭 The context: The Inflation Reduction Act of 2022 has helped progress towards deep decarbonization, yet the U.S. is currently on track for only a 43% reduction by 2030
• The analysis emphasizes the critical role of U.S. and China in achieving the Paris Agreement’s goals of limiting global warming
🌍 Why it matters for the planet: Achieving substantial emissions reductions in major economies like the U.S. is vital for global efforts to mitigate climate change
• The slower-than-expected pace of reduction underscores the challenges in transitioning to cleaner energy and transportation sectors
⏭️ What's next: The report suggests that achieving net-zero emissions by 2050 remains challenging under current policies
• Political outcomes in upcoming elections could significantly impact the trajectory, with potential policy rollbacks if former President Trump wins
💬 One quote: "This extra demand means emissions could have been lower by 2025," said Ben King, lead author of the Rhodium Group report
📈 One stat: US emissions fell 1.9% year-over-year in 2023, marking an 18% reduction from 2005 levels
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