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California governor Jerry Brown. Photo: David McNew/Getty Images

California's new law to decarbonize electricity could drive even bigger emissions cuts in other energy sectors of the huge state, according to a new analysis by the nonprofit group Third Way.

The big picture: The law signed this week requires the world's fifth-largest economy to have 100% carbon-free electricity by 2045. And Gov. Jerry Brown issued an executive order to have the whole state become "carbon-neutral" by then.

Third Way's memo breaks down what happens if the power law is accompanied by aggressive efforts to electrify transportation, and space and water heating.

  • And that's not a fantasy — the analysis notes that regulators envision electrification as a key way to help meet the state's existing 2030 emissions goals.

By the numbers: The group's 2030 projections show...

  • The power sector effect of the law, SB 100, would cut 84 million metric tons of CO2 per year.
  • Another 91 million metric tons annually comes from taking a large bite out of transportation and heating emissions, with most of that coming on the transportation side.

The bottom line: "[T]he emissions reductions from SB 100 will more than double if California follows through in electrifying other parts of the economy," the memo states, adding that more gains are expected post-2030.

Yes, but: Ok that's a lot, but Third Way also notes it adds up to 40% of the state's total emissions. So, there would still be much further to go in transport and electricity, and the state also has to address other sectors — notably agriculture and industry, which are big emissions sources.

Quick take: The term "electrify everything" is gaining currency in climate policy circles, and the memo provides helpful projections of what can happen if policymakers breathe life into the phrase.

Go deeper

Updated 23 mins ago - Axios Twin Cities

In photos: Thousands rally for George Floyd ahead of Derek Chauvin's trial

Demonstrators on March 7 outside the Hennepin County Government Center, where the trial of former Minneapolis police officer Derek Chauvin, charged with murdering George Floyd, will begin in Minneapolis, Minnesota. Photo: Chandan Khanna/AFP via Getty Images

Thousands of protesters marched through Minneapolis' streets Sunday, urging justice for George Floyd on the eve of the start of former police officer Derek Chauvin's trial over the 46-year-old's death, per AFP.

The big picture: Chauvin faces charges for second-degree murder and manslaughter over Floyd's death last May, which ignited massive nationwide and global protests against racism and for police reform. His trial is due to start Monday, with jury selection procedures.

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Pfizer CEO feels "liberated" after taking COVID vaccine

Pfizer CEO Albert Bourla. Photo: "Axios on HBO"

Pfizer CEO Albert Bourla tells "Axios on HBO" that he recently received his first of two doses of the company's coronavirus vaccine.

Why it matters: Bourla told CNBC in December that company polling found that one of the most effective ways to increase confidence in the vaccine was to have the CEO take it.

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Ripple CEO: SEC lawsuit is "bad for crypto" in the U.S.

Ripple CEO Brad Garlinghouse tells "Axios on HBO" that if his company loses a lawsuit brought by U.S. regulators, it would put the country at a competitive disadvantage when it comes to cryptocurrencies.

Between the lines: The SEC in December sued Ripple, and Garlinghouse personally, for allegedly selling over $1.3 billion in unregistered securities. Ripple's response is that its cryptocurrency, called XRP, didn't require registration because it's an asset rather than a security.