According to a study issued Tuesday by S&P Global Market Intelligence, the United States needs to build 85 GW of Renewable energy per year until 2035 to achieve the carbon reductions promised in the existing Clean Electricity Performance Program law.
In a separate but related statement, the Solar Energy Industries Association (SEIA) set an industry-wide aim of using solar energy to generate 30% of US power by 2030.According to Dan Whitten, SEIA’s vice president of public relations, the new objective was created in part to align the sector with federal priorities. Although it will need greater ambition than in the past, Whitten feels the new target, which coincides with S&P forecasts, should be attainable.
According to Dan Whitten, SEIA’s vice president of public relations, the new goal was developed in part to align the industry with federal goals. Although greater ambition will be required than in the past, Whitten believes the new objective, which aligns with S&P predictions, should be feasible.
Although cutting electric-sector carbon emissions by 80 percent by 2030 — and 100 percent by 2035 — will necessitate an “unprecedented” effort on the part of industry and government leaders, these targets are within reach, according to Steve Piper, research director for energy at S&P Global Market Intelligence.According to Tuesday’s study, meeting those objectives will necessitate an extra 630 GW of wind and 450 GW of solar by 2035 or around 85 GW of new Renewable energy per year. Between 2023 and 2035, the construction would cost $1.2 trillion, or $94 billion per year.