In a recent conference in Spain, Federal Reserve Gov. Christopher Waller expressed his belief that climate change does not present a unique enough risk to the US financial system. He stated that he does not see climate change as a serious risk to the financial stability of the US and that climate-related risks do not require special treatment. According to Waller, the focus of the Federal Reserve should be on addressing more near-term and material risks in keeping with their mandate. This mirrors the sentiments of Fed Chairman Jerome Powell who has stated that the US central bank will not be a climate policymaker and will not divert investment or capital away from petroleum or natural gas companies. Powell has also expressed that any policies directly addressing climate change should be made by the elected branches of government.
Concerns have been raised about climate-related policies at the local, state, and federal level placing undue economic burdens on consumers. There have also been concerns that renewable sources of energy may not be sufficient to meet power grid demands. Some states have already mandated phasing out gas-powered vehicles in favor of electric ones by 2035, and the federal Environmental Protection Agency is proposing a rule that would require fossil fuel power plants to cut their emissions by 90% between 2035 and 2040. This has raised concerns among Republicans that the replacement of current sources of energy is happening too quickly.
In mid-2022, a group of scientists issued a letter disputing claims of a climate-related emergency. According to the scientists, such claims are exaggerated and used to acquire political power and influence. They have called for climate science to be less political, while climate policies should be more scientific.