Biden has big climate change plans. But can he get it done?
Biden plans to revolutionize American energy by 2035
The most acute disagreement in Trump and Biden’s agendas could be climate change, which many experts believe will shape America’s energy future..
Have Joe Biden developed a global climate plan. Donald Trump this segment is not particularly worried about.
Democratic candidate intends to invest up to $ 1.7 trillion in renewable energy development over 10 years and accelerate the adoption of electric vehicles through tax incentives, incentives for high-tech research and development, and infrastructure upgrades, including the national electricity grid. The plan assumes subsidies for ordinary consumers to switch to electric vehicles.
Donald Trump, in fact, has not proposed any official climate plan. Instead, his campaign website advertises an energy plan that focuses on expanding oil and gas production in federal lands and offshore, including the Alaska National Wildlife Refuge.. The 2016 GOP program, which has been reprinted for the current campaign, says that «climate change is far from the most pressing problem of the country’s national security», and names the climatic plan of the former president Barack Obama «triumph of extremism over common sense».
The difference between candidates’ positions will affect American lives and household budgets for years to come.. However, Biden’s move towards renewables is not expected to have a significant impact on prices. electricity.
If his proposals are accepted, then they can change consumer behavior without increasing the direct costs of consumers for electricity and cars, believes Matt Breidert, London portfolio manager of investment firm Ecofin.
«The cost of generating clean electricity and electric vehicles is falling rapidly. The wallets of ordinary Americans will not notice the implementation of the Democratic climate plan», – he thinks.
Biden’s plan could also create about 10 million jobs, according to the candidate’s entourage, as builders retrofit homes and offices to improve energy efficiency. Acting the president has focused on jobs in the oil, gas and coal industries, which together account for about 220,000 job openings, the Bureau of Labor Statistics said.
«What Biden is talking about is very market oriented. Its approach works through incentives, and this is likely to reduce its cost, but will not make the transition quick to implement.», – He speaks Chris Lafakis, energy economist at Moody’s Analytics.
In recent debates, Trump argued that tighter fuel economy standards for promoting electric vehicles in the Biden plan, based on Obama’s rules, would raise car prices by $ 3,500.. Prices for gasoline, electricity and new cars have fallen in the eight years since Obama’s election, government data show.
Moody’s believes Biden’s overall economic plan will create 8.8 million more jobs than Trump’s public offering of campaigns. The agency has calculated that the Democrat’s climate program will cost $ 490 billion by 2030, most of which will be in his first term. It will also need $ 360 million in spending on tax breaks to promote clean energy..
A Vice Media and The Guardian poll found 70% of Americans are in favor of government action to slow global warming caused by excess emissions of carbon dioxide, methane and other greenhouse gases..
According to the Intergovernmental Panel on Climate Change, an increase in atmospheric carbon will lead to an increase in the global average temperature by 1.5 degrees Celsius between 2030 and 2052.. This is expected to trigger a wide range of impacts, from frequent coastal flooding and higher fire risks to a series of hurricanes along the U.S. east coast..
About two-thirds of US carbon emissions come from either transportation, which produces nearly 40% of the carbon, or electricity generation, which produces about 31% of the US’s carbon, according to the Department of Energy.. Utility emissions have dropped significantly since 2007 as the share of electricity generated by burning coal, the dirtiest of the main fuels for power generation, has been cut by more than half..
Democrat proposes expanding existing tax breaks to encourage utilities and private energy companies to build more wind and solar power plants that get market share from coal. He also plans to extend a $ 7,500 tax credit for electric vehicle buyers..
Biden’s goal is to make the US energy sector, which produces 63% of its production on fossil fuels (the rest is renewable energy and nuclear energy), carbon neutral by 2035.. And coupled with tougher fuel economy standards to force automakers to build and sell more EVs, Biden plans to make all new American cars and trucks electric by about 2035..
«Whether the plan will provide energy independence, however, depends on how quickly its research and development proposals yield results.», – said Julio Friedman, Senior Fellow, Center for Global Energy Policy, Columbia University.
«The effectiveness of the Biden program also depends in part on the rate at which the pre-tax cost of electric vehicle engines falls.», considers Logan Goldie-Scott, Head of Clean Energy Research, Energy-finance Consulting Group Bloomberg NEF.