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Biden’s green agenda to cost at least $600 billion more than projected, analysis says

As debt ceiling negotiations remain at a stand-still, Democrats keep racking up the bill for taxpayers.

Published: April 28, 2023 2:14pm

Updated: April 28, 2023 2:32pm

President Joe Biden’s green energy transition that was previously expected to cost a few hundred billion dollars, has more than doubled, according to an updated budgetary analysis from Penn Wharton.

Previously, the University of Pennsylvania’s Penn Wharton Budget Model predicted the energy and climate provisions outlined in the Inflation Reduction Act would cost taxpayers $384.9 billion over 10 years. That cost has now been adjusted to $ trillion. 

PWBM's new "10-Year Budget Estimate of Climate and Energy Provisions in the 2022 Inflation Reduction Act" is summarized below:

  • Clean electricity/energy ($263 billion)
  • Clean Hydrogen ($49 billion)
  • Carbon Capture, Utilization and Storage ($23 billion)
  • Advanced Manufacturing ($183 billion)
  • Clean vehicles ($393 billion)
  • Biofuels ($43 billion)
  • Energy efficiency ($28 billion)
  • Agriculture and forestry ($3 billion)
  • Energy grants and loans ($37 billion)
  • Air pollution ($22 billion)

Revised estimates were made after consulting with a number of "private sector experts" and Goldman Sachs' energy team.

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