President-elect Joe Biden stood for election on a far-reaching environmental plan which, although it will be harder to implement with the Republicans likely to control the Senate, still represents a dramatic U-turn from President Donald Trump’s term in office. Even without congressional support, Biden will be able to tighten vehicle fuel economy standards, set more ambitious targets for reducing carbon emissions from power plants, and encourage individual states to implement their own measures. The net impact on the economy will, at worst, be slightly negative and, if it boosts investment and accelerates innovation, could even turn out to be positive.
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