Climate change demands aggressive action all over the place. This is one component.
Also this is the literal opposite of virtue signalling. They passed a law. Virtue signalling is when you do nothing except express opinions.
1. Industrial-scale renewable generation would become more competitive and a larger fraction of grid power would come from solar/wind/hydro,
2. Prices could go up, and less electricity would be used,
3. It might become efficient for users to put rooftop solar on their houses. (If the initial capital outlay is a problem, that's what loans are for.)
This law, by comparison, is just a bad idea all around. It enforces one (pretty bad) solution in a nasty way.
For example, the per-capita CO₂ emissions in 2013 were of 20 tons/cap for the US, whereas it was 8.5 for China (world mean is 6.3): https://en.wikipedia.org/wiki/List_of_countries_by_greenhous...
Per capita numbers are rather misleading here. For example, Qatar has by far the highest CO2 emissions per person.
Your statement, while true, did not refute his, FYI.