California is making bold strides in any aspect it can to achieve its climate agenda. The state’s latest move involves phasing out gas-fueled furnaces and heaters by 2030.
In a proposal unanimously approved by the California Air Resources Board, the state will ban the sale of all new natural gas-powered furnaces, space heaters, water heating appliances, and similar items by the end of the decade.
The recent decision is still part of the Golden State’s climate goal to have a carbon-free electricity grid by 2045.
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This also follows the earlier decision by the California Public Utilities Commission to stop utility firms from billing customers for part of the cost of extending a natural gas line to a new residential or commercial establishment. The move takes away a key incentive for using natural gas in new facilities.
Earlier in August 2022, the state also announced a plan to ban the sale of all new gasoline-powered cars by 2035. However, with the state authorities declaring a grid emergency due to the record drought and the looming energy crisis, they also had to issue a contrasting guideline to avoid charging electric vehicles.
In terms of electricity production, California lawmakers also voted to extend the lifeline of the state’s last nuclear facility, 2,240-MW Diablo Canyon Nuclear Power Plant, for another five years.
Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
