by US utilities have made a pledge to transition to 100% renewable electricity by 2060, according to a study published in Climatic Change. While state mandates have had an impact, it is the utilities themselves that are leading the transition. The study, conducted by researchers at the University of Colorado Boulder, compared state renewable energy targets with utilities’ own goals, analyzing 30 years of data to assess the shifts utilities have made in achieving renewable energy standards. The findings indicate that the private sector is moving faster than expected, and the transition to renewable energy is being driven by factors such as technological advancements, decreasing costs, the substitution of natural gas for coal, and the growing utilization of renewables in place of fossil fuels.
The assessment was led by Grace Kroeger, an honors student in Environmental Studies at CU Boulder, who wanted to critically examine the actions being taken by the energy companies responsible for the energy consumed by the population. The study revealed that utility companies are on track to meet or exceed the goals set by states with renewable energy policies and mandates. The researchers projected that the US electric grid would achieve 100% decarbonization by 2060, with the inclusion of nuclear energy expediting the process to 2050.
Interestingly, the study also found that utility companies are planning to decarbonize even in states without renewable policies or goals. Kroeger highlighted one such example with Southern Company, which plans to decarbonize despite operating in states without portfolio standards. While the authors observed differences between blue (Democratic-leaning) and red (Republican-leaning) states in terms of renewable energy goals and policies, both types of states are still on track to decarbonize according to the utilities’ goals.
It should be noted that the findings of the study are based on the plans and statements made by utilities, without a guarantee of fulfillment. However, historical data suggests that utilities have already transitioned to renewables and reduced their reliance on fossil fuels at a faster rate than anticipated. Despite this progress, both states and utilities are not currently on track to achieve the Biden Administration’s goal of eliminating fossil fuels from the US energy sector by 2035, as announced in April of this year. This objective was established without specific policies or mandates to facilitate the energy transition.
Commenting on the study’s findings, Matthew Burgess, a Co-operative Institute for Research in Environmental Sciences (CIRES) fellow and assistant professor at CU Boulder, highlighted the significant developments occurring in the private sector. Burgess emphasized that the decarbonization efforts made by the private sector create important connections across states and have important implications for the policy space.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
