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A new study released by libertarian think tank The Competitive Enterprise Institute and Power the Future (which was launched by an alum of the Charles Koch Institute) found that the average American household in Florida, New Hampshire, New Mexico and Pennsylvania would be on the hook for more than $70,000 during the first year the plan was implemented.
After the first year, families in these states would likely be required to pay about $45,000 for the next four years and more than $37,000 from there on out.
Families in Alaska, however, would face even higher costs. During the first year, residents would pay more than $100,000 – followed by $73,000 for the following four years and more than $67,000 after that.
These states were chosen as representatives for the purpose of the study.
“At best, it can be described as an overwhelmingly expensive proposal reliant on technologies that have not yet been invented,” researchers wrote. “Carbon—whether contained in wood, coal, gas, or oil—is a byproduct of burning fuel. Eliminating these energy sources would have massive ramifications for the economy.”
Authors also recognized that their cost assumptions could be on the low-end.
A blueprint for the Green New Deal was unveiled in February – it calls for massive investments in climate-friendly infrastructure to reduce greenhouse gas emissions to zero by 2050. It has been estimated that it could end up costing around $93 trillion.
The proposal has been met with skepticism from more moderate members of the Democratic Party, including House Speaker Nancy Pelosi, limiting its chances of passing the Democratic-controlled House.
Earlier this month, a trio of lawmakers, including Ocasio-Cortez, introduced a resolution to declare a climate emergency – which they said was a first step toward advancing the Green New Deal.
On Monday, California Sen. Kamala Harris and Ocasio-Cortez unveiled legislation that would ensure climate change plans benefit low-income communities, which they said was a key part of the Green New Deal.
Meanwhile, 2020 Democrats are set to take the debate stage in Detroit on Tuesday and Wednesday evenings – a number of whom have already signaled support for the climate change proposal, including Independent Vermont Sen. Bernie Sanders and former Vice President Joe Biden.