The United Steelworkers (USW) union is looking to renewable energy projects to counteract job losses in oil refining and petrochemical plants. A union official told Reuters that approximately 17,000 new union jobs could be created thanks to the 2022 Inflation Reduction Act (IRA).
The USW represents around 30,000 workers in North American crude oil refineries and petrochemical facilities. Despite the possibility of Donald Trump winning next week’s elections and his promise to reverse the IRA, the union remains hopeful.
“The Inflation Reduction Act was a bipartisan bill,” said USW District 13 director Larry Burchfield. “There’s a lot tied up in the IRA. It would take a significant effort to undo it.” However, experts warn that Trump could still alter America’s energy landscape during a second term.
Energy analytics firm Wood Mackenzie has predicted that a second Trump presidency could jeopardize many renewable energy investments, increase carbon emissions by an additional 1 billion tonnes by 2050, and delay the peak demand for fossil fuels by a decade. They estimate that U.S. energy sector spending could reach about $7.7 trillion by 2050 under current policies, but this figure might drop by $1 trillion if Trump reduces support for low-carbon energy and infrastructure improvements.
The analysts also foresee that reduced investment in low-carbon energy could lead to a 6% increase in natural gas demand, equivalent to 6 billion cubic feet per day by 2030.
While Trump may not have the power to unilaterally repeal the IRA, he could alter environmental rules and executive orders, reversing many of President Biden’s policies. Wood Mackenzie predicts that the total number of electric vehicles (EVs) on U.S. roads by 2050 could be 50% lower than current projections because automakers may prioritize hybrid vehicles over fully electric ones.
The stakes are high, as the auto industry has announced over $100 billion in EV investments, which could create around 100,000 American jobs.
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