Key Takeaways
With about a month left in office, President Joe Biden has set a new target for reducing greenhouse gas emissions by 61% to 66% below 2005 levels by 2035, increasing his previous climate commitments to the Paris Agreement.
There is growing U.S. public opposition to higher energy prices caused by such policies and they have had growing disastrous impacts in Europe.
President-elect Trump has promised to completely overhaul Biden’s energy and climate policies, including a rejection of the UN’s Paris Accord.
Biden officials are committing tens of billions of taxpayer dollars to favored private companies in the “green energy” business, hoping to sign contracts that will withstand the scrutiny of the incoming Trump Administration and the courts.
Biden continues to make promises on behalf of the United States to the UN over a non-treaty the United States is unobligated to honor.
The Biden administration has set an ambitious new goal under the Paris Climate Agreement, aiming to reduce U.S. greenhouse gas emissions by 61% to 66% below 2005 levels by 2035. Despite President-elect Donald Trump’s intentions to withdraw the U.S. from the Paris Agreement, Biden is encouraging states and local governments to pursue this target. Additionally, the administration has set a specific aim to reduce methane emissions by at least 35% by the same year. Biden officials believe this goal is achievable, even if the incoming Trump administration decides to undo Biden’s climate initiatives. The Paris Agreement requires nations to update their national climate plans by February 10, after Trump’s inauguration on January 20. Biden’s administration is joining countries like the United Arab Emirates, Brazil, and the UK in making new commitments ahead of that deadline. However, since the Paris Agreement has not been formally ratified by the U.S. Senate, the country is not legally bound to adhere to it.
Currently, Biden’s target is a 50% to 52% reduction in greenhouse gas emissions by 2030. However, projections suggest the U.S. will likely only reduce emissions by around 40% by the end of the decade compared to 2005 levels. According to the research group Energy Innovation, under existing policies, the U.S. could reach a 46% reduction by 2035. Energy Innovation advocates for expanding clean energy and cutting carbon emissions. Through the Inflation Reduction Act (IRA) and the Bipartisan Infrastructure Law, the Biden administration has secured hundreds of billions of dollars in funding for clean energy initiatives. These laws are expected to fund climate projects over the coming years, with some estimates predicting total costs exceeding $1 trillion.
The Biden administration has already awarded over $100 billion in grants created by the Inflation Reduction Act. A Biden official indicated, “When funds are obligated, they are protected. They are subject to the terms of the contract, so when those contracts are signed and executed, this becomes a matter of contract law more than [a] matter of politics.” According to the official, the Biden administration is on track to exceed its goal of “obligating” over 80% of IRA grant funding by the end of Biden’s term next month. In essence, they are “shoveling taxpayer money out the door” before their employment by taxpayers ends.
The Biden administration has recently made a historic $15 billion low-interest loan commitment to Pacific Gas and Electric (PG&E), a major utility company in California. This loan will fund hundreds of projects designed to address climate change impacts and enhance the state’s electrical grid—necessary upgrades to accommodate the fluctuating nature of wind and solar energy, as well as to manage the frequent wildfires. These improvements are particularly important given the state’s reluctance to employ traditional wildfire management strategies, such as timber harvesting and tree thinning. The Biden administration aims to finalize the PG&E loan before President-elect Trump takes office. The PG&E loan is also part of California’s broader push to mandate electric vehicle (EV) sales. The Biden administration’s Environmental Protection Agency (EPA) recently granted California a Clean Air Act waiver, allowing the state to enforce a ban on the sale of gasoline-powered cars by 2035 and implement stringent emissions standards. This waiver, however, is expected to be overturned by the incoming Trump administration. Starting with the 2026 model year, California’s regulations will require 35% of new vehicles sold to be zero-emission models, a number that will rise to 68% by 2030. The U.S. Supreme Court has agreed to hear a challenge from fuel producers seeking to overturn California’s 2022 waiver for its vehicle emissions rules.
California’s aggressive energy policies, spearheaded by Governor Gavin Newsom and state lawmakers, have driven up costs for residents and limited consumer options. As a result, the state now faces some of the highest gasoline and residential electricity prices in the country. Next year, California drivers could see gas prices rise by up to $1.15 per gallon due to the state’s new carbon credit system, increased taxes, tougher refinery regulations, and the planned closure of the Phillips 66 refinery in Los Angeles.
Conclusion
As President Biden prepares to leave office, he is highlighting his climate agenda, which includes both achieved milestones and ambitious goals for the future. Key achievements include deploying 30 gigawatts of offshore wind power and pledging to conserve at least 30% of U.S. lands and waters by 2030. His administration has also implemented stringent new regulations aimed at reducing emissions from cars, trucks, and power plants while securing significant investments in climate and clean energy projects. These initiatives are being expedited as Biden’s administration works to deploy them before his term ends next month.
One of the central pieces of Biden’s legacy is his revised commitment to cut greenhouse gas emissions by 61% to 66% below 2005 levels by 2035. However, this commitment is expected to be rolled back by incoming President Donald Trump, who plans to advance his “energy dominance” agenda, focusing on expanding fossil fuel production and reversing climate policies. Biden made this pledge despite growing public pushback against rising energy costs linked to these policies, the increasing environmental and economic challenges seen in Europe, and President-elect Trump’s intention to dismantle Biden’s climate and energy agenda, including withdrawing from the UN’s Paris Agreement.
Few people truly realize that policies to mitigate greenhouse gas emissions are only eating into the hands of China, which is endowed with few oil and gas resources compared to the United States, but has invested in minerals needed for “clean” technologies that would make the United States dependent upon them. The Chinese have spent decades preparing for the West’s energy transition to renewable energy and electric vehicles and it will take the West decades to catch up. In the meantime, China will be selling its comparably inexpensive electric vehicles, solar panels, and other “green” technologies to Western countries, increasing its economy and the wealth of its citizenry.
