US Faces Tough Challenge for 2050 Carbon Neutrality... "Nuclear Power and Natural Gas Combined Are Efficient"

Technically Feasible but High Socioeconomic Costs
Major Changes in the US Needed for Carbon Neutral Transformation

[Asia Economy Reporter Naju-seok] According to a study, achieving carbon neutrality in the United States by 2050, as pledged by President-elect Joe Biden, will require "painstaking efforts" over the next decade. It was also pointed out that, for rapid carbon neutrality, not only renewable energy but also improved nuclear power plants and natural gas power plants equipped with carbon capture technology should be utilized.

President-elect Joe Biden of the United States passing in front of solar panels [Image source=Reuters Yonhap News]

On the 16th (local time), The New York Times (NYT) cited a report from Princeton University titled "Net-Zero America," which specifically examined the realization plan for carbon neutrality in the U.S. Princeton researchers reviewed the feasibility of this carbon neutrality goal based on various scenarios and pointed out that while it is technically "possible," the social and economic costs to be paid are also considerable.

The researchers examined both a plan to achieve carbon neutrality solely through renewable energy technologies such as solar and wind power and a plan that combines renewable energy with nuclear power. Achieving carbon neutrality will require enduring significant changes. According to the researchers, the U.S. government and companies will need an astronomical $2.5 trillion (2,733 trillion won) by 2030 to achieve carbon neutrality.

For example, U.S. energy companies are expected to build 42 GW (gigawatts) of power plants using renewable energy this year, but over the next decade, the growth rate must be twice as fast as this. Moreover, to supply renewable energy power, thousands of kilometers of new power grids must be installed across the U.S. by 2030, and the current 2% share of electric vehicles must be raised to about 50%. In general households, the proportion of heating using electricity instead of fossil fuels must be doubled from the current level, requiring comprehensive changes.

The key issue is whether the cost of renewable energy generation can be reduced. For renewable energy to become a practical alternative, the cost of power production must be significantly lowered, but the rapid energy transition process requires enormous costs. For instance, it was concluded that solar and wind power facilities must be installed on land equivalent to the combined size of Wyoming and Colorado to produce renewable energy, and land acquisition issues could trigger not only economic compensation problems but also social costs. For these reasons, the researchers viewed nuclear power plants, natural gas, and ethanol power generation as useful means for carbon neutrality in addition to renewable energy. In particular, improved nuclear reactors currently under research and natural gas power plants equipped with carbon capture technology can complement renewable energy.

Craig Crestfo, a senior researcher participating in this study, said, "The scale that must be newly created in a short period is astonishing," adding, "It is achievable, but now we need to roll up our sleeves and decide how to proceed."

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