By Amy Harder

One of the most popular climate-change policies in America — renewable energy mandates — is also expensive, a new study says.

Driving the news: Standards in roughly 30 states that require a portion of electricity to come from renewable sources, mostly wind and solar, are driving up power prices and imposing a high cost to reduce carbon dioxide emissions, according to a new report out today by the University of Chicago.

The big picture: Urgency about climate change is growing around the country, with numerous states ramping up their renewable-electricity requirements and lawmakers in Washington mulling similar policies as proposed in the Green New Deal.

This report, one of the most comprehensive analyses of its kind, questions the conventional wisdom that says these policies are effectively addressing climate change.

“The headline result here and the most important result in the whole exercise: signing up for these policies increases electricity prices, full stop. Second point: what do you get in exchange for that?”

— Michael Greenstone, lead author & director of the university’s Energy Policy Institute

Where it stands: The study indicates that such mandates do reduce carbon emissions — but at a far higher cost than more market-oriented policies like a carbon tax, said Greenstone, a former top economic adviser to President Obama.

The report analyzed renewable-electricity standards in 29 states and the District of Columbia, most of which were put in place in the early to mid 2000s.

Continue Reading at Axios…

Areas of Focus: Energy Markets
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Energy Markets
Well-functioning markets are essential for providing access to reliable, affordable energy. EPIC research is uncovering the policies, prices and information needed to help energy markets work efficiently.
Electric Power
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Electric Power
As the electric power system faces new pressures and opportunities, EPIC research is working to identify the mix of policies needed to accelerate the global transition to clean, reliable, affordable...
Renewable Energy
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Renewable Energy
Lower technology costs and supportive public policies are driving an increase in renewable energy in markets around the world. EPIC research is assessing the costs, benefits, and efficiency of policies...
Climate Change
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Climate Change
Climate change is an urgent global challenge. EPIC research is helping to assess its impacts, quantify its costs, and identify an efficient set of policies to reduce emissions and adapt...
Climate Economics
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Climate Economics
Climate change will affect every sector of the economy, both locally and globally. EPIC research is quantifying these effects to help guide policymakers, businesses, and individuals working to mitigate and...