The prices of electricity are going to ‘skyrocket’ if President Joe Biden pursues his green energy agenda throughout his term, warn experts.
President Biden has pledged to achieve a net-zero electricity grid by 2035, alongside a net-zero economy by 2050, as solar and wind power make up just 1% and 3% of all American energy, according to a report by the U.S. Energy Information Administration, who also cite that coal, petroleum, and natural gas make up for a combined 79% of US energy.
What is Biden’s plan?
According to Gregory Wrightstone, the executive director of the CO2 Coalition, President Biden’s energy plan seeks to ‘get coal-fired and natural gas-fired electricity prices high enough that then solar and wind become competitive’, effectively utilizing the Capitalist markets to make solar and wind electricity more desirable for American households and businesses.
The prices of natural gas and coal energy have been declining in recent years, as a result of the shale revolution and fracking.
The price of these forms of power used to sit at $20 per one thousand cubic feet, however, as a result of the aforementioned methods, the prices now stand at around $2.
Biden’s plan will seek to reverse this, making natural gas and coal energy more expensive to use.
However, across the board, the prices of electricity are already rising drastically because of the ‘wasteful, duplicative solar and wind on our grid’, at least according to Alex Epstein, who is the founder and president of the Center for Industrial Progress.
The energy plan doesn’t solve the problem
However, the implementation of Biden’s $2 trillion climate and energy plan may not have the desired effect it wants, with John Kerry, the Biden administration’s ‘Climate Czar’, admitting that ‘we could go to zero tomorrow and the problem isn’t solved’.
90% of harmful emissions come from outside the United States, with the US accounting for 15% of all C02 emissions last year.
However, according to the US Energy Information Administration, US energy-related C02 emissions have been declining over the last 12 years since 2007, falling from 119 million metric tons to 102 million metric tons.
Also, as a result of the Covid-19 pandemic and the subsequent lockdowns that followed worldwide, the world’s biggest fell; from 2% in the US, 11% in the EU, 9% in India, and 1.7% in China.
Wrightstone now believes that the idea behind Biden’s climate and energy is that by oil, gas, and coal industries out of existence, the C02 levels in the atmosphere would decrease significantly, effectively ‘saving the planet’.
However, as Wrightstone notes, the drops in emission levels across the world due to lockdowns is important, he sees no evidence of ‘any atmospheric CO2 levels being reduced’, which is where Biden’s plan will falter.
‘Whatever this plan is and there’s really no evidence that it will do anything to help’ – Gregory Wrightstone.