A recent Republican analysis on the Senate Environment and Public Works Committee estimates that the cost of implementing some of President Joe Biden’s climate change policies could exceed $845 billion.
President Biden (Credits: UPI)
Sen. Shelley Moore Capito of West Virginia, the committee’s ranking Republican, criticized the Biden administration‘s environmental agenda, describing it as unrealistic and burdensome for American consumers and businesses. Capito emphasized concerns about executive overreach and deference to climate activists.
The analysis, titled “Bidens 2024 Environmental Agenda and its Road to Ruin,” highlights the potential financial impacts of several Environmental Protection Agency (EPA) regulations.
Joe Biden (Credits: BBC)
It outlines the projected costs associated with implementing six specific regulations:
- An estimated $590 billion from 2027-2055 for an electric vehicle mandate on passenger cars, requiring two-thirds of new vehicles sold by 2032 to be all-electric or hybrid.
- Approximately $210 billion from 2026-2040 will be used to waive California’s mandate to phase out all gas-powered cars by 2035, promoting 100% EV/Hydrogen fuel cell vehicle sales.
- Around $24 billion from 2027-2055 will be spent on a mandate requiring 60% of new urban trucks and 25% of long-haul semis to be electric by 2032.
- An estimated $14 billion from 2024 to 2042 will be used to establish new, stricter pollution limits for individual fossil fuel power plants.
- Roughly $7 billion from 2032-2051 for a rule that enhances air quality standards for soot pollution.
- Approximately $390 million from 2024-2035 for a proposed emissions rule that would tax methane emissions from natural gas and petroleum systems starting in 2024, potentially impacting the price of natural gas.
These projections underscore the financial implications of the Biden administration’s environmental policies, according to the Republican analysis.
