The United States Congress, which consists of the House of Representatives and the Senate, has passed a US$900bn coronavirus relief package, which includes measures to address climate change. The bill instructs the Department of Interior to establish an objective of producing at least 25 GW of solar, wind and geothermal energy on public lands by 2025. The legislation also extends tax credits for wind and solar (by two years for solar proejcts and by 1 year for onshore wind projects) and introduces a new credit for offshore wind projects if they start construction before the end of 2025. The bill includes U$4bn for solar, wind, hydropower and geothermal research and development, U$2.9bn for the Advanced Research Projects Agency-Energy, a program that funds high-risk, high-reward research, U$2.6bn for the Energy Department’s sustainable transportation program, U$1.7bn to help low-income families install renewable energy sources in their homes, and US$500m for research on reducing industrial emissions. In addition, the new legislation requires US companies to reduce the production of hydrofluorocarbons (HFCs), a greenhouse gas used in air conditioning and refrigerators, to 15% of 2012 levels by 2036.
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.