The global warming narrative: Why soaring energy costs are just the beginning

The global warming narrative: Why soaring energy costs are just the beginning. By Bjorn Lomberg.

The Bank of America has found that achieving net zero will cost $US150 trillion over 30 years — almost twice the combined GDP of every single country on Earth. The annual cost of $US5 trillion is more than all the world’s governments and households spend every year on education.

That estimate is based on the heroic assumption that costs are spread efficiently, with big emitters China and India cutting the most. But India says it will keep moving towards net zero only if the rest of the world pays it $US1 trillion by 2030 — something that won’t happen. Most cuts will likely happen only in rich countries, which will mean a relatively trifling cut to global emissions….

In a new study, McKinsey finds most of the poorest nations in ­Africa would have to pay more than 10 per cent of their total national incomes every year toward climate policy. This is more than these nations’ combined spend on education and health. …

Research published in Nature finds that reducing emissions just 80 per cent will cost the US more than $US2.1 trillion every year from 2050, or more than $US5000 per person, per year. The cost of achieving Biden’s promised 100 per cent reductions will be far higher. …

Further damage will come from forcing industries and citizens to use less-effective, less-­reliable, more expensive energy. This will reduce growth.

All that for a global bureaucracy! One of the driving forces behind the carbon dioxide theory of global warming — which is almost entirely funded by western bureaucracies giving money to scientists who will say emissions cause the warming — is that controlling carbon emissions is a problem that:

  1. Only government can solve, not private industry on its own (tragedy of the commons)
  2. Requires a global bureaucracy, because everyone must cut emissions.

If the global bureaucracy can control your emissions, it can control your life. It’s a global power grab, and the costs above are just collateral damage. Other costs:

The warming is mostly due to space weather and the Sun. The climate models greatly exaggerate the role of carbon dioxide. So global cooling will occur naturally in due course anyway. It’s been warming since 1650, but looks to finally have turned to cooling in 2016.

As for running out of fossil fuels, those are just a stop gap until fusion power comes along. Any decade now.

hat-tip Nick