The oil and gas industry won big on Tuesday, when the US Department of Energy announced it had awarded $1.4 billion in new subsidies for renewables.
The announcement came just days after President Trump announced his decision to withdraw the US from the Paris Climate Accord, a move that has been widely condemned as a major blow to the American economy.
The US has made a concerted push to reduce carbon emissions in recent years, and many economists believe that the Trump administration’s climate policies have led to more carbon emissions than they have mitigated.
However, energy prices have been falling, and it’s possible that more than half of the US economy would be affected by the withdrawal.
That would hurt the oil and oil and natural gas industries the most, which has led to a shift away from fossil fuels to more renewable energy.
Energy experts have argued that a shift toward renewables would be more beneficial than a carbon tax, and could lead to more jobs in the energy sector.
In fact, a new study by the Pew Charitable Trusts suggests that a carbon-based tax would result in a $5 trillion annual economic impact.
Renewable energy subsidies are typically given to small and medium-sized companies, but they could be expanded to include large and mid-sized firms, according to the New York Times.
On Wednesday, the US Energy Information Administration released a new report that showed that renewables have a greater economic return than carbon-driven technologies like wind and solar.
The report, titled “Efficiency, Efficiency, Efficiency: A Global Comparison of Renewable and Carbon Based Energy Systems,” looked at the return on investment from the different types of renewable energy, including solar, wind, hydroelectric, biomass, and geothermal.
In the report, the EIA said that the solar industry would be able to produce a return of 1.5 times that of fossil fuels by 2050, and wind could produce a similar return of 3.4 times.
This would result, the report said, in a total annual return of $1,073 billion.
The total return from renewable energy systems was $1 trillion in 2022.
The study said that renewable energy is more efficient than fossil fuels, which would allow the US to cut its energy use by up to 20% compared to its current energy consumption.
According to the EIS, renewables have been responsible for nearly 30% of the electricity generation in the US since 2000, and the country’s largest energy companies have pledged to reduce their energy consumption by 40% by 2050.
In 2018, the Energy Information Agency also said that solar and wind have surpassed nuclear power as the two most energy-efficient forms of energy generation.