Trump's big toxic bill will cost America
Indeed, the total carbon cost of terminating the IRA, supercharging the US fossil fuel industry, and various other Trump executive actions, is now estimated to be around 7 billion tonnes of greenhouse gas emissions. Or, as the specialist climate publication CarbonBrief notes, around the total annual output of Indonesia, the world's sixth-largest carbon emitter.
According to an analysis by Princeton University's REPEAT project, US emissions are now set to fall by just 3 per cent by 2030, rather than the 40 per cent required should the US have reached its abandoned Paris Agreement target. This is around four per cent of current total global emissions each year.
This is the price we must all pay for Trump's BBB, in both the incalculable increase in the impact and incidence of climate catastrophes over the coming years, and in the cost of offsetting those lost cuts by increasing the burden on other nations.
That Trump does not care about the global impact of domestic policies is no surprise. But what is harder to fathom is the costs he is willing to heap upon Americans.
Trump's various climate and energy policies, including those in his BBB and the trashing of the IRA, plus his various executive orders, will see Americans paying more for dirtier sources of energy.
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It will see a decrease in clean electricity generation in 2035 by more than 820 terawatt-hours – more than the entire contribution of nuclear or coal to its electricity supply today. It will increase US household and business energy expenditure by US$28 billion annually by 2030 and over $US50 billion by 2035, according to REPEAT.
Average US household energy costs will increase by around $US165 per household per year in 2030.
Even more perversely, the initiatives will lock the US out of competition with China for a share of the technologies of the future beyond wind and solar. The burgeoning EV industry is being crippled not just by a loss of incentives and tax breaks for battery development, but by sanctions on the Chinese components the industry will need in the absence of US alternatives.
'We are in a global competition with China, and it's not just EVs. And if we lose this, we do not have a future Ford,' Ford's chief executive Jim Farley said at a conference last month, describing recent visits to China as the 'most humbling experience' of his life.
Tellingly, even as Trump abandons the industries of the future with his BBB, he has propped up not just those of the fossil fuel era, but even one that came before. To secure the crucial support of the Alaskan senator Lisa Murkowski Trump found the cash to increase tax deductions for Alaskan subsistence whaling.
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Indeed, by the time the bill had been forced through Congress, it had gathered so many tax cuts and pay-offs that it failed to pay for itself. Rather, over the next decade it will add US$2.5 trillion to the already eye-bleeding US debt of $US36.8 trillion.
Climate advocates have been locked in a debate over whether the only way to save the climate would be to destroy the global economy. Over recent years optimists had begun to toy with the notion that perhaps the revolution in green tech over recent years, such as the 90 per cent collapse in the cost of solar power, might just allow us to preserve both.
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ABC News
an hour ago
- ABC News
A very Trumpian deal means Russia now faces a much more formidable Ukraine
Russia is set to face a much more formidable enemy on the battlefield in Ukraine. In coming weeks — if US President Donald Trump's new plan is implemented — Ukraine will be armed with more powerful weaponry and much more of it. The deal is very Trumpian. Trump the commander-in-chief has decided that Russia is about to face a much more heavily armed Ukraine, while Trump the businessman has decided that NATO — Europe and Canada — should pick up the bill. The significance of what is now happening is that Trump has clearly lost patience with Vladimir Putin and has decided to put the Russian leader in a pincer movement. The first part of that pincer is to impose a new regime of sanctions against Russia in 50 days if Moscow does not come to the negotiating table. Trump often sets long deadlines — with tariffs he set 60-day deadlines — which often are extended to the point where they lose meaning. The second part — more important — is that the US will open its vast vault of arms for Ukraine in a dramatic increase to Ukraine's military capability. Sitting alongside Trump as the deal was announced, NATO Secretary General Mark Rutte said: "It will mean that Ukraine can get its hands on really massive numbers of military equipment, both for air defence, but also missiles, ammunition, etc." The most intriguing word in the NATO chief's sentence was "missiles". While Patriots are defensive systems — designed to hit and destroy any incoming missiles — "missiles" suggests more offensive weapons. Reports have been emerging from the White House in recent days that Trump is so angry with Putin that he is prepared to authorise long-range missiles. What appears to be happening is that the US is empowering Ukraine to use US weapons deep inside Russia, despite long-held fears such attacks could lead to a dramatic escalation. The other interesting word in Mark Rutte's sentence is "etc". Neither Trump nor Rutte gave details of what type of missiles or offensive weapons would be available. Instead, they were happy to talk about the defensive weapons — under the deal, Ukraine will get up to 17 Patriot systems almost immediately. Trump says Ukraine will shortly receive them and they will be donated by NATO countries that already have them. It has been a tortuous path for Trump to get to this point. The most famous rhetoric along that path has been Trump's claim, before his re-election, that he could end the Ukraine war in 24 hours. The other person for whom this has been a difficult journey is Ukraine's President Volodymyr Zelenskyy. This new European-driven injection of military firepower is a big win for him. In terms of Washington, he was politically close to dead after his disastrous White House meeting on February 27. Zelenskyy was due to have lunch with Trump that day, but was essentially asked to leave after he and the president clashed before the world's cameras. But over the months since, Zelenskyy has hung in, managing to rebuild his relationship with Trump. There are now four clear and different agendas from the key players. The Trump White House wants an early end to this war. They are not particularly interested in the terms of any ceasefire, but having framed it as "Biden's war" they want to be able to say they have done something that "Sleepy Joe Biden" could not. Ukraine is fighting for its survival. It is slowly losing this war against an enemy who has no accountability when it comes to numbers of soldiers killed. They know that Putin can keep sending thousands of young Russians to the front line, as cannon fodder, for years, with no obvious pressure on the Kremlin leadership. Russia knows it is winning on the battlefield. It saw that the Ukrainians were becoming fatigued and the US, under Trump, was beginning to lose commitment to defending Ukraine so wanted to try to wait out the Ukrainians. But a newly angry Trump, who clearly believes that Putin has been toying with him, combined with a re-energised NATO, has changed the equation. The Europeans are facing a real threat. There is a real fear among many of the European leaders and their publics — the "we could be next" fear. Rutte has played a smart political game — he's kept Trump inside the NATO tent by convincing almost all NATO partners to increase their defence spending as a share of GDP to 5 per cent. Had he not done this, Trump was flirting with the idea of walking away from NATO. The changing reality of Ukraine highlights the volatility of the world today. Over several months, Ukraine has gone from having its military and intelligence support from the US cut off — ordered by Trump when he was unhappy with the White House meeting — to now being in a position where it is on the verge of receiving a major boost of US military hardware paid for by Europe. In this changing world of Donald Trump, nothing can be taken for granted.
Perth Now
an hour ago
- Perth Now
Asian shares rise, dollar firms ahead of US earnings
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The Age
2 hours ago
- The Age
Elon Musk looks to raid his empire for billions
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