Full Title: Annual Energy Outlook 2023
Author(s): U.S. Energy Information Administration
Publisher(s): U.S. Energy Information Administration
Publication Date: March 16, 2023
Full Text: Download Resource
Description (excerpt):
EIA’s Annual Energy Outlook 2023 (AEO2023) explores long-term energy trends in the United States. Since last year’s AEO, much has changed, most notably the passage of the Inflation Reduction Act (IRA), Public Law 117-169, which altered the policy landscape we use to develop our projections. We project that U.S. energy-related CO2 emissions drop 25% to 38% below the 2005 level by 2030. For reference, the United States’ nationally determined contribution (NDC), submitted as part of the Paris Agreement, calls for a target of 50% to 52% of net greenhouse gas emissions below the 2005 level by 2030. We only consider energy-related CO2 emissions, which does not cover the full NDC scope.
Overall, our lower projected U.S. energy-related CO2 emissions is driven by increased electrification, equipment efficiency, and renewable technologies for electricity generation. However, emissions reductions are limited by longer-term growth in U.S. transportation and industrial activity. As a result, these projected emissions reductions are most sensitive to our assumptions regarding economic growth and the cost of zero-carbon generation technology.