Dozens of U.S. companies and investors, along with leading national power providers, are backing the Environmental Protection Agency’s efforts to address greenhouse gas emissions from new and existing fossil fuel-fired power plants under the EPA's iron-clad authority in the Clean Air Act.
In a letter submitted today to the EPA, 31 businesses made the case that strong standards are critical to achieve national climate, energy, and economic goals. The signatories noted their own ambitious commitments to reduce greenhouse gas emissions and emphasized the importance of strong standards to leverage recent historic federal investments in clean energy—including last year’s landmark Inflation Reduction Act’s investments—which have made it even more cost-effective and technologically feasible to decarbonize the power sector.
Signatories of the letter include Avocado Green Brands, Danone North America, New Belgium Brewing, Vail Resorts, among others.
“As the costs of the climate crisis and the cost-effectiveness of clean energy have each become increasingly clear, so too has the need for a more rapid transition in the power sector towards affordable, reliable American-made decarbonized energy,” the companies wrote. “Moreover, these standards are achievable and will provide the clarity and certainty that the economy — and that we as major power sector customers and investors — need.”
In a second letter from the Clean Energy Group (CEG), a coalition of U.S. power providers serving more than 100 million Americans in 47 states promoted their support for the EPA’s regulation of greenhouse gas emissions from power plants. CEG’s members—which include Austin Energy, Calpine Corporation, Constellation Energy, Entergy Corporation, Exelon Corporation, National Grid, NextEra, NiSource, PG&E, and PSEG, among others —have all set ambitious commitments and made significant investments to reduce greenhouse gas emissions. Their letter underscored the value of strong standards and offered feedback to ensure a “cost-effective, scientifically sound, and legally durable rule” that would allow for the delivery of decarbonized and reliable electricity across the country.
The EPA’s proposed standards, which fall under Clean Air Act sections 111(b) and (d), would impact both new and existing coal and natural gas power plants. The 111(d) rule addresses existing power plants, the second biggest source of greenhouse gas emissions nationwide. The 111(b) rule addresses new power plants with recent technological innovations and has the potential to lower their emissions by as much as 90% under a strong standard.
In addition to curbing greenhouse gas emissions, the proposed standards will reduce air pollutants such as particulate matter, sulfur dioxide, and nitrogen oxide, that negatively impact public health. As a result, the proposed rules are expected to result in $85 billion in net climate and health benefits.
“The historic investments in the Inflation Reduction Act of 2022 and Infrastructure Investment and Jobs Act of 2021 have accelerated the transition to affordable, reliable, and secure clean energy—and they put the U.S. in reach of critical climate goals. Now, the EPA is moving us further in the right direction with ambitious yet achievable standards under its most critical, proven, cost-effective tool for protecting public health and the environment,” said Anne Kelly, vice president of government affairs at Ceres. “Power purchasers and power providers alike recognize the need to regulate greenhouse gas emissions from new and existing power plants—to mitigate the risks of climate change and ensure the U.S. remains a leader in the clean energy economy. We hope EPA finalizes strong standards to bolster the U.S. economy as well as the health and wellbeing of communities across the country.”
About Ceres
Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.