By Timothy Gardner
WASHINGTON (Multibagger) - In a bold move, Donald Trump's presidential campaign announced on Thursday that if he wins the Nov. 5 election, he would undo many of President Joe Biden's clean energy regulations while expediting approvals for power plants to meet the country's growing electricity needs.
Trump aims to eliminate the clean energy rules implemented by Biden and his running mate, Vice President Kamala Harris, which target emissions from power plants and vehicles. These regulations are designed to reduce carbon emissions in the power sector and promote the transition to electric vehicles to reduce tailpipe pollution.
The former president plans to halt policies that distort energy markets, restrict consumer options, and increase costs for consumers from day one of his presidency, according to David Bernhardt, Trump's former Interior Department secretary.
Additionally, Trump intends to accelerate energy projects' approvals and approve the construction of numerous new power plants, although the fuel sources for these plants remain unspecified.
Furthermore, Trump plans to withdraw the United States from the Paris agreement on climate change, a decision he made during his previous term in office.
These proposals align with Trump's previous efforts to support industrial and fossil fuel projects while reducing regulations.
In response, a spokesperson for the Harris campaign, James Singer, criticized Trump for prioritizing Big Oil executives over America's energy future. Singer highlighted Biden and Harris's success in boosting American energy production and creating new jobs through their leadership.
Singer also warned that Trump's proposals could lead to higher consumer prices, increased pollution, and regression in energy policies.
Under Biden's administration, U.S. oil and gas production reached record levels, despite efforts to transition to cleaner energy sources. The passing of Biden's Inflation Reduction Act in 2022 included substantial subsidies for clean energy projects like wind, solar, hydrogen, and geothermal.
Although no Republicans supported the IRA, some have introduced legislation to repeal certain parts of the bill.
When asked about Trump's stance on repealing parts of the IRA, Corey Lewandowski, a Trump campaign adviser, evaded the question.
Bernhardt also mentioned Trump's commitment to revitalizing the coal industry to ensure affordable energy access for all Americans, although specifics on job creation were not provided.
Despite Trump's promises to revive the coal sector, employment in the industry declined as power companies shifted towards renewable energy sources.
In April, Biden's EPA finalized rules targeting emissions from power plants, aiming to reduce carbon, air, and water pollution. These rules will require coal-fired and natural gas-fired generators to capture emissions before release.
Moreover, Bernhardt stated that Trump plans to modernize the U.S. Nuclear Regulatory Commission to expedite approvals for new nuclear plants and extend existing ones' operational lives.
Biden signed legislation in July to reform the agency, streamline approvals, and support new projects while delaying reactor retirements.
Overall, Trump's proposed policies could have significant implications for the energy sector, consumer prices, pollution levels, and job creation. Understanding these potential changes is crucial for individuals to make informed decisions about their finances and environmental impact.