The cost to implement some of President Joe Biden's climate change policies is more than $845 billion, according to an analysis conducted by Republicans on the Senate Environment and Public Works Committee.
"Despite clear warnings from American consumers and job creators, and loss after loss in the courts, President Biden is moving full steam ahead with his crippling, unrealistic environmental agenda in 2024," Sen. Shelley Moore Capito of West Virginia, the committee's top Republican, said in a press release issued Thursday.
"Americans do not want and cannot afford what this administration intends to accomplish through executive overreach and deference to climate activists."
The report, titled "Bidens 2024 Environmental Agenda and its Road to Ruin," suggests the costs of the Environmental Protection Agency's rulemaking would be "devastating for American consumers and businesses alike" and lists the costs of implementing just six of those regulations, including:
$590 billion from 2027-2055 for an electric vehicle mandate on passenger cars that requires two-thirds of new vehicles sold by 2032 to be all-electric or hybrid.
$210 billion from 2026-2040 for a waiver for California's 100% EV/Hydrogen fuel cell vehicle sales mandate to phase out all gas-powered cars by 2035.
$24 billion from 2027-2055 for a mandate that requires 60% of new urban trucks and 25% of long-haul semis to be electric by 2032.
$14 billion from 2024-2042 to set new, much tighter pollution limits that individual fossil fuel power plants must meet.
$7 billion from 2032-2051 for a rule that toughens air quality standards for soot pollution.
$390 million from 2024-2035 for a proposed emissions rule that will tax methane emissions from natural gas and petroleum systems starting in 2024. Moore said the fee could raise the price of natural gas.