New regulations released last week by the Environmental Protection Agency governing greenhouse gas emissions from power plants could be one of the largest transfers of wealth in history.
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Jason Hayes, the assistant director of the American Coal Council, said the bill for climate change is being handed to the U.S. ratepayer as developing nations like China and India increase their greenhouse gas emissions in the face of U.S. cuts. China and India are two of the nations Hayes said are benefiting from U.S. policies on energy.

“Essentially, it’s a gigantic transfer of wealth to the developing world,” Hayes said. “They considered it to be immoral to not raise themselves up out of poverty. They said you can’t ask us not to do that.”