(Fox News / Worthy News)– The Obama administration took aim at the coal industry on Monday by mandating a 30 percent cut in carbon emissions at fossil fuel-burning power plants by 2030 — despite claims the regulation will cost nearly a quarter-million jobs a year and force plants across the country to close.
The controversial regulation is one of the most sweeping efforts to tackle global warming by this or any other administration.
The 645-page rule, expected to be final next year, is a centerpiece of President Obama's climate change agenda, and a step that the administration hopes will get other countries to act when negotiations on a new international treaty resume next year.
The U.S. Chamber of Commerce argues that the rule will kill jobs and close power plants across the country.
The group is releasing a study that finds the rule will result in the loss of 224,000 jobs every year through 2030 and impose $50 billion in annual costs.
Both sides of the argument appear to agree that the rule change will increase electricity prices, considering the United States relies on coal for 40 percent of its electricity. However, the plants also are the country’s second-largest emitter of greenhouse gases.