Biden’s Net-zero Plan Won’t Push Oil and Gas Away

A net-zero power sector by 2035 in the U.S. is one of the most ambitious decarbonization targets globally and will be “extremely challenging” to meet, analysts with Wood Mackenzie said.

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WoodMac researchers noted that in order to reach net-zero emissions, the U.S. needs to quadruple its carbon capture and storage capacity. (Source: HartEnergy.com; vasilis asvestas, pan demin/Shutterstock.com)

At the current pace, weaning the U.S. power sector entirely from fossil fuels by 2035 appears to be an unattainable feat.

Technological limitations, policy design, market structures and even the political and constitutional foundations in the U.S. could hamper the progress of Biden’s net-zero targets, according to a new report by international research consultancy firm Wood Mackenzie.

“Achieving this will take tremendous effort. All sectors of the energy industry will have to be transformed,” noted David Brown, head of Markets and Transitions at Wood Mackenzie.

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Faiza Rizvi

Faiza Rizvi is a senior associate editor of Business & ESG for Hart Energy's editorial department, with a strong focus on E&P Plus and HartEnergy.com. She has been covering all facets of the U.S. and international energy industry for over 5 years.