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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: The Biden administration has released the first national plan for decarbonizing the residential and commercial buildings sector in the United States, aiming for a 90% reduction in carbon emissions by 2050. The plan also sets an intermediate goal of a 65% reduction by 2035
🔭 The context: Buildings are a major source of emissions, accounting for over a third of the U.S.'s greenhouse gases
• The blueprint includes strategies like enhancing energy efficiency, reducing onsite emissions, changing interactions with the energy grid, and decreasing emissions related to building materials
🌍 Why it matters for the planet: This initiative could significantly cut greenhouse gas emissions, contributing to global efforts against climate change
• If fully implemented, it's projected to save consumers over $100 billion in energy costs annually
⏭️ What's next: The plan's success depends on cooperation from federal agencies, states, and localities, despite being nonbinding
• It emphasizes the positive impacts of decarbonization on daily life, like improved air quality and health, hoping to appeal broadly across political and social spectrums
💬 One quote: "We hope this can set the direction and get everybody rowing in the same direction, both across federal agencies but also at the state and local levels," said Eric Wilson, a senior research engineer at the National Renewable Energy Laboratory.
📈 One stat: Buildings contribute to more than a third of the US greenhouse gas emissions.
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