Dow States Need, Solutions for a Comprehensive National Energy Policy
American consumers are currently enjoying a lull in energy costs with prices at the pump dipping below 2007 levels. However, falling oil prices are the result of the worst economic crisis since the Great Depression and eventually greater demand for oil will once again outpace the supply of this precious resource. The International Energy Agency has warned that world energy demand may increase by as much as 45 percent between now and 2030.
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In an effort to address the volatile energy crisis in the U.S., The Dow Chemical Company has recently released its Dow Energy Plan for America. The plan calls for a bolder, comprehensive, bipartisan national policy to stabilize prices, strengthen the economy, clean the environment and revitalize U.S. manufacturing.
Overview of Dow’s Energy Plan
Dow’s Energy Plan for America provides a blueprint on how the country can achieve price stability and energy security. The four main pillars of the plan contain measures that encourage aggressive energy efficiency; increase and diversify our country’s domestic energy supplies; accelerate the development of alternative and renewable energy; and reduce greenhouse gas emissions.
Encourage Aggressive Energy Efficiency and Conservation
Energy efficiency is the quickest, cheapest and the most demonstrable way to improve the U.S. energy situation and slash carbon emissions. According to a 2007 report from the National Petroleum Council, available efficiency technologies could reduce energy use 15 to 20 percent if applied today. Since 1995 Dow has reduced its own energy usage, saving 1,400 trillion Btu, which is equivalent to the electricity used by all the homes in California for 16 months.
Increase and Diversify Domestic Supply of Energy
In the near future, the U.S. will continue to rely on fossil energy to grow the economy while bridging to future alternative and renewable sources of energy. Additional domestic supplies will help to reduce our dependence on foreign oil and shore up our economy. The U.S. is the only country in the world sitting on known reserves of oil and natural gas that are not being developed. Dow calls for a new political consensus on offshore production that is both environmentally responsible and accesses the significant oil and natural gas resources.
Accelerate Development of Alternative and Renewable Energy
The third component of the Dow plan calls for an array of measures to accelerate the development of all alternative and renewable energy sources. For example, Dow favors cost-sharing programs to demonstrate the viability of commercial scale polygeneration plants and carbon capture and storage technology. At the same time, incentives for the production of renewable energy as well as the rapid deployment of nuclear technology must be extended to encourage the use of these important energy sources.
Reduce Greenhouse Gas Emissions
As a member of the U.S. Climate Action Partnership, Dow supports prompt enactment of environmentally effective, economically sustainable and fair climate change legislation to reduce U.S. greenhouse gas emissions sharply by mid-century. The centerpiece should be an economy-wide cap and trade program. This market-based approach is the best way to put a price on carbon and ensure that short- and long-term emission targets are met.
