An oil refinery in Whiting, Indiana, on Jan. 8. Photo: Scott Olson/Getty Images

A new note from the Rhodium Group helps explain why environmental groups and renewables trade associations are throwing their weight behind House Democrats' legislation to extend a suite of tax incentives.

The big picture: Compared to current policy, U.S. emissions would be 37 million to 99 million tons lower in 2030 if the wide-ranging draft bill unveiled recently were enacted, the research firm projects.

  • "That’s 16 to 19% below 2005 levels compared with a 15-17% reduction under current policy," they note.
  • That's still off track for meeting the Obama-era Paris Agreement pledge to reduce national emissions by 26%-28% by 2025.

By the numbers: Here are a couple key findings from the note by Rhodium, which conducts foundation-funded work on energy tax policy:

  • Installations of non-hydro renewable generating capacity, largely wind and solar, would be higher in 2025, and then the difference compared to the no-extension scenario widens a lot.
  • "In the latter half of the 2020s, the [legislation] can catalyze a surge in cumulative capacity additions to 354-491 [gigawatts] in 2030, an increase of 15-59 GW compared to 339-432 GW under current policy," they note.
  • On electric vehicles, expanded credits mean that up to 5.7 million more EVs would be sold between now and 2030.

Go deeper:

Go deeper

Updated 1 hour ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

New Zealand confirmed Thursday there are now 13 local cases linked to the four who tested positive for COVID-19, ending 102 days with no community spread. Auckland locked down Wednesday for 72 hours and the rest of NZ is under lesser restrictions.

By the numbers: Over 749,400 people have died of the novel coronavirus globally and over 20.6 million have tested positive, per Johns Hopkins. More than 12.8 million have recovered from the virus.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 20,624,316 — Total deaths: 749,421— Total recoveries: 12,831,800Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 5,197,147 — Total deaths: 166,027 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Politics: Pelosi says Mnuchin told her White House is "not budging" on stimulus position.
  4. Business: U.S. already feeling effects of ending unemployment benefits.
  5. Public health: U.S. records deadliest coronavirus day of the summer — America's two-sided COVID-19 response
  6. Education: New Jersey governor allows schools to reopenGallup: America's confidence in public school system jumps to highest level since 2004.

Bob Woodward's new book details letters between Trump and Kim Jong-un

Bob Woodward during a 2019 event in Los Angele. Photo: Michael Kovac/Getty Images

Journalist Bob Woodward has obtained "25 personal letters exchanged" between President Trump and North Korean leader Kim Jong-un for his new book, "Rage," publisher Simon & Schuster revealed on Wednesday.

Details: In the letters, "Kim describes the bond between the two leaders as out of a 'fantasy film,' as the two leaders engage in an extraordinary diplomatic minuet," according to a description of the book posted on Amazon.