In 1962, President John F. Kennedy informs the American public that the United States will go aboard on a program. This is in order to put the first man on the moon, “not because it is easy, however, since it is difficult”. The “space race” creates a technological transformation that shapes the globe as we know it.
Almost 60 years after, US President Joe Biden has set a similarly ambitious, transformative target of attaining net-zero emissions in the US. This is in regard to the –
- Power sector by 2035
- The wider economy by 2050
The President’s change appears on the heels of Europe’s very impressive net zero-emission goals. This is ahead of the 26th United Nations Climate Change Conference (COP26) in Glasgow, Scotland, in November.
The goals are undeniably bold; however, the question is –
- Can the US see its latest moon-shot directive?
After analyzing the plans in detail, we suppose the Biden administration will strive in order to accomplish its bold goals.
The following of the United States create barriers that will hinder the pace of development –
- Technological limitations
- Policy design
- Market structures
- Even the political and constitutional foundations
Much so, attempts, in order to meet them, will take about key changes in the US market that will assist lower global carbon emissions.
President Biden came into office as the US energy market was already decarbonizing. The latest Infrastructure Investment and Jobs Act is a flow of capital into new energy technologies. It is an international investor focus on Environmental and Social Governance (ESG) promise. This is in order to speed up the transformation necessary for a net-zero planet.
Electrification changed the US economy in the 1920s and 1930s. The space race created a technological revolution. Similarly, “the second electrification” will have far-reaching impacts and offers huge development opportunities for those firms capable to comprehend them.