January 25, 2019
What It Costs To Go 100 Percent Renewable
A “Green New Deal” is gaining some momentum on the left, and a prominent plank of some versions is a plan to move 100 percent of the United States’ electricity production to renewable sources. In new research, AAF’s Director of Energy Policy Philip Rossetti analyzes the feasibility and costs of a 100 percent renewable plan.
Key findings include:
- A “Green New Deal” that includes a proposal to move 100 percent of U.S. electricity production to renewable sources would require at least $5.7 trillion of investment in renewable energy and storage;
- Other studies show that climate policies focused purely on transitioning to renewable energy sources (as the Green New Deal proposes) cost far more than policies aimed more broadly at low-carbon sources; and
- Good climate policy must signal to other countries that greenhouse gas abatement will be reciprocated, and consider the market conditions under which advanced nuclear, carbon capture and sequestration, and energy storage become competitive with incumbent energy sources.