Joe Biden’s climate ambitions are too costly for voters, according to a new report. The former Vice President announced his intention to make the United States carbon-neutral by 2050, but the plan would cost $1.5 trillion per year.
Joe Biden’s Climate Ambitions Are Too Costly for Voters.
Important facts concerning climate change don’t always make it into the mainstream media coverage as the global climate summit in Glasgow approaches in November. We’re here to assist you. Each Thursday, Bjorn Lomborg, a contributor, will offer some background information so that readers may better grasp the actual impacts of climate change and the true costs of climate policy.
Politicians all around the globe regularly claim historic reductions in carbon emissions while omitting to disclose the cost, which they sometimes obscure with rosy forecasts of green employment. However, the economic costs of these measures are much higher than most voters are willing to accept, and the climate advantages are far less than many people believe.
In 2030, the yearly cost of President Obama’s pledges under the Paris climate accord would have been about $50 billion, or approximately $140 per person. Many studies indicate that the average American is ready to pay a few hundred dollars per year to address climate change, but this data is heavily distorted by a tiny percentage willing to spend thousands of dollars. A majority of Americans, according to a recent Washington Post poll, would vote against a $24 yearly climate tax on their energy bills. Even if they handed up $140, it wouldn’t buy them much. If Mr. Obama’s deal is kept in place until 2100, global temperatures will be reduced by a miniscule 0.06 degree Fahrenheit.
President Biden is advocating for far tougher climate measures that will cost a lot more money. Prior to his election, he pledged to spend $2 trillion on climate measures over four years, which works out to $1,500 per person each year. And Mr. Biden’s latest pledge—a 100 percent reduction in carbon emissions by 2050—will be even more prohibitively costly.
According to a recent research published in Nature, reducing American carbon emissions by 95% by 2050 would cost the country $11.9 billion per year. To put it in context, consider the following: In 2019, total Social Security, Medicare, and Medicaid spending accounted for 11.6 percent of GDP. By 2050, the yearly cost of attempting to meet Mr. Biden’s goal will have risen to $4.4 trillion. That’s more than the federal government is expected to receive in tax revenue this year. It comes to $11,300 per person each year, which is almost 500 times what the majority of Americans are prepared to spend.
Although the United States is now the world’s second-largest producer of greenhouse gases, achieving net zero would have minimal impact on global temperatures. The basic United Nations climate model indicates that if the whole nation became carbon-neutral tomorrow, the change by the end of the century would be a scarcely perceptible 0.3 degree Fahrenheit decrease in temperature. This is because, as China, India, and Africa’s populations expand and become wealthier, the United States will account for a less and smaller proportion of global emissions.
Net zero is a “pie in the sky,” as Indian Power Minister Raj Kumar Singh said at a recent climate summit, and “you can’t stop” poor nations from consuming more and more fossil fuels. Instead, a credible climate solution would concentrate on innovation to lower the cost of cleaner energy to a level that both Americans and Indians are prepared to pay.
Mr. Lomborg is the head of the Copenhagen Consensus and a Hoover Institution visiting fellow. “False Alarm: How Climate Change Panic Costs Us Trillions, Hurts the Poor, and Fails to Fix the Planet,” is his most recent book.
The energy supply crisis is exacerbated by poor policy decisions. Associated Press photo
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The print edition of the October 14, 2021, was published.
The climate leadership council carbon tax is a proposal that was made by Joe Biden. He believes it will help the U.S. to transition towards a clean energy economy, but voters are not on board with this idea.
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