Economists and environmentalists all over the world say the "Green Agenda" would hurt lower-income households even more than what they're dealing with right now.
As global leaders try to move the world economy towards more green energy sources, the rising energy costs are having an impact on those with not as much flexibility in their finances. Some former members of the European Central Bank recently said transitioning to “net-zero” carbon emissions is a burden on low-income folks because of the increase in energy costs during that transition.
Texas Economist Dr. Ray Perryman said this is only part of the story and that the issue goes much deeper.
"We also have to have enough energy to run the world and even the Department of Energy has said that going out to 2050 we're still going to need more oil and natural gas," he said.
Perryman agrees of course that higher energy costs fall disproportionately on low-income families. Unfortunately, he believes the cost of providing energy will only go up too.
"The challenge is we have to produce oil and gas and we have to produce more than we've ever produced before and do it responsibly," said Perryman. "Energy is going to be more expensive in the future, no matter what form we use, because demand is going to grow."
One of the key aspects of the Biden administration has been being more "green" with some of their policies like a mandate on electric vehicle production and other climate plans and projects. Vice President Kamala Harris has said she supports carbon taxes and an EV mandate. She's also though gone back on her stance on fracking, saying she sees a need for it after previously saying she wanted to ban fracking.