US President Joe Biden wants to hike the share of solar power to 45% by 2050 in efforts to address climate change, the NYT reported.
The Energy Department said the United States needs to double the amount of solar energy installed yearly in the next four years from the 4% in 2020. This will then be needed to be doubled again by 2030.
The development is in line with experts’ claims that it is essential to reduce greenhouse gases to zero by 2050, and higher use of renewable energy sources such as solar panels and wind turbines will be needed.
The details of the plan will be decided upon by Congress, with stakeholders remaining optimistic that efforts to decarbonize the grid are now more affordable.
Biden intends to provide tax credits to urge the use of solar power systems and batteries for homes, businesses, and utilities. Local governments are also expected to fast-track permit processing for new projects.
Biden also wants to reduce the power sector’s net planet-warming emissions by 2035 and add hundreds of wind turbines. QCLN is down 2.09%.