We Can Save the Planet Without Destroying the Economy
More than 250 environmental groups recently petitioned House Democratic leaders to embrace the Green New Deal. They claim banning fossil fuels is the key to ending climate change.
We certainly need a plan to fight climate change. But the Green New Deal is the wrong approach. A total shift to renewable energy would cost Americans trillions of dollars in new taxes and increased energy costs.
Fortunately, we have the ability to reduce emissions without bankrupting American families. Counterintuitively, fossil fuels can help us fight climate change without hurting the economy.
Introduced in 2018 by Rep. Alexandria Ocasio-Cortez (D-NY) and Sen. Ed Markey (D-MA), the Green New Deal is a radical plan to reduce emissions. It would require every home and business in the United States to draw power from “clean, renewable, and zeroemission energy sources.”
That’s an expensive goal. Transitioning the nation’s power sector to entirely renewable sources would cost $4.7 trillion over the next 20 years. That works out to about $2,000 a year in added energy costs for the average American household.
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