Hope
The primary driver of hope for climate action in the US is the passage of the Inflation Recovery Act (IRA). While it is a mere fraction of the provisions of Biden’s original Build Back Better Bill, the IRA marks the first significant US investment in the green economy.
At a time when climate legislation seemed doomed, the IRA emerged unexpectedly from secret yet productive negotiations. The IRA contains $369 billion in spending for clean energy and climate change programs over the next ten years. If/when fully enacted, it is estimated that the IRA will reduce our carbon emissions by 40% by the end of the decade, representing the majority of President Biden’s commitment to reduce the US’s carbon emissions by 50% by 2030.
Another positive development in the race to net zero is that the percentage of electricity generated by renewable sources continues to climb in the US. In 2022 renewables accounted for 22% of US electrical production, up from 20% in 2021. Solar and wind now account for 60% of new grid capacity, and overall, renewable sources are forecasted to grow to 24% of production in 2023.
U.S. Energy Information Administration, Short-Term Energy Outlook (STEO)
The adoption of EVs is also a reason for hope in accelerating climate action. EVs accounted for 5.6% of new vehicle sales last year–up from 1.4% in 2019. Even more promising is that many manufacturers reported that demand for EVs far exceeded supply in 2022. As supply chain issues subside and many more makes and more affordable models hit the market, the percentage of EVs should continue to grow rapidly for the foreseeable future. It is encouraging to see this strong and increasing engagement in climate action.
Longer term, the recent breakthrough in fusion development is extremely hopeful in that it offers a plentiful source of carbon-free energy without the drawbacks of radioactive nuclear power. However, even with billions of dollars of venture capital behind it, commercially viable fusion power is still likely to be decades away. That notwithstanding, new technologies will play a critical role in providing effective climate solutions.
Harsh Realities
Extreme weather became so commonplace in 2022 that we are experiencing a surge in eco-anxiety. With almost daily headlines of droughts, heat waves, extreme rainfall, flooding, tornadoes, wildfires, and hurricanes around the globe, it is to be expected.
The Washington Post reported that the average summer temperature in Western America has been 1.5 degrees Celsius warmer in the last five years than in 1971 – 2000. In fact, the summer of 2022 set thousands of new record-high temperatures across the US, and according to data from NOAA, 7,355 new record highs were set in July alone.
The effects of global warming are widespread and profound. For example, over the last four decades, the US experienced an average of $7.7B in extreme weather disasters annually. But since 2017, the average has jumped to $18B annually. More disturbing is that from 2017 to 2021, the nation experienced billion-dollar disasters every 18 days on average, compared to one every 82 days in the 1980s.
NOAA National Centers for Environmental Information (NCEI) U.S. Billion-Dollar Weather and Climate Disasters (2023)
According to CNN, on a worldwide basis, extreme weather caused $270B in damages in 2022, which is well above the 10-year average of $207B. Needless to say, the planet is screaming for help as our current path is increasingly unsustainable.
The critical question is: are we listening effectively and meaningfully, and are we prepared to take the necessary action to avoid catastrophic climate disasters?
Urgency
We currently stand between 1.1-1.2 degrees Celsius of global warming above pre-industrial temperatures, and already, as discussed above, the world is experiencing extremely dire consequences. In this environment, it is exceedingly disappointing that the annual level of greenhouse gas emissions is still rising. At the current rate we are burning fossil fuels, it is estimated that we will surpass 1.5 degrees Celsius of global warming (a critical tipping point in catastrophic global warming) by the end of the decade. Our backs are now against the wall, and critical changes must be made before more of the world becomes uninhabitable. If not, we risk continued food shortages, immigration issues, and devastation from extreme weather events.
#ShowYourStripes Campaign by Climate Scientist Ed Hawkins of the University of Reading
While global warming is a worldwide crisis, as the wealthiest country in the world and the second largest emitter of greenhouse gases, the US must lead the way in developing effective climate solutions. In creating a high standard of living, the US has relied extensively on fossil fuel energy, so much so that we, as 5% of the world’s population, are responsible for more than 25% of its greenhouse gas emissions. To build a greener and more sustainable future, the US must continue to develop clean energy sources, effective carbon capture, and other new technologies, all while facilitating the widespread adoption of the climate solutions that are available today.
COP27 was dominated by talk of reparations for damages caused by global warming (a critically important issue), but these discussions cannot derail further development and commitments to mitigation. If they do, we all will lose the climate crisis battle. The most important thing the US can do to address the worldwide climate crisis is to effectively reduce our greenhouse gas emissions by scaling solutions that will enable developing countries to raise their living standards without relying on fossil fuels and other high-emission practices.
To move the needle on climate change, nature-based solutions and the critical role of biodiversity must be considered. For example, the oceans and forests of the world currently offset about 56% of our annual greenhouse gas emissions. That’s why it is critically important that we stop deforestation and protect the health of our forests and oceans while we develop other technologies and methods of reducing global warming.
One final thought
As crucial as it is, the IRA Bill provides for $369B over ten years. To put that in perspective, Hurricane Ian, which devastated southwest Florida and other parts of the Southeastern US last September, caused over $60B in damages. In other words, the damages from this one extreme weather event exceeded the annual investment provision of the IRA and represented 16% of the bill’s total ten-year resources. This perspective underscores the fact that, as a nation, we still have a much bigger appetite for addressing the consequences of climate change than its causes. Unfortunately, this also clearly points out that the US federal government, strangled by gridlock, will likely play a limited role in leading the way to a green and sustainable future.
Instead, it is up to us to develop and adopt effective and meaningful climate solutions personally, professionally, and through our local communities. We must act now as if our lives depend on it because they do.
The climate crisis is a challenge and opportunity that we take very seriously at The Nest Climate Campus. We are very grateful for the support of our founding partners (The Javits Center, NYC and Co, and Climate Week NYC) and the many thousands of climate leaders who have joined our growing community committed to accelerating climate action. If you have not already done so, we invite you to please join now. There is truly no time to waste.
Sincerely,
Britton Jones
CEO of The Nest Climate Campus, Chairman of the Board at Food Rescue US, and Member of NYC & Company's Sustainability Committee
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