CNBC's Evan Bush is reporting on U.S. emissions.
In 2023, U.S. carbon emissions decreased by approximately 1.9% while the economy grew by 2.4%, according to a Rhodium Group analysis. This marks the first time since 2019 that economic growth coincided with a reduction in emissions. Despite this progress, the reduction is modest, and achieving U.S. climate goals, including the Biden administration's target of a 50% to 52% emission cut by 2030 (from 2005 levels), requires significantly more effort. Emissions fell sharply in 2020 due to the pandemic but rebounded thereafter. Currently, U.S. emissions are about 17% lower than in 2005. The U.S. power and buildings sectors contributed to the 2023 decline, benefiting from a mild winter and a shift from coal to natural gas and renewables. However, transportation and industry emissions increased slightly. The Inflation Reduction Act's impact is beginning to show, particularly in domestic manufacturing of solar panels and electric vehicles. Achieving further reductions in transportation emissions depends on the uptake of electric vehicles and political commitment to climate goals, particularly in the upcoming presidential election.
(This article was written with assistance from ChatGPT)