by B. Lomborg, Feb 9, 2021 in NewYorkPost
Across the world, politicians are going out of their way to promise fantastically expensive climate policies. President Biden has promised to spend $500 billion each year on climate — about 13 percent of the entire federal revenue. The European Union will spend 25 percent of its budget on climate.
Most rich countries now promise to go carbon-neutral by mid-century. Shockingly, only one country has made a serious, independent estimate of the cost: New Zealand found it would optimistically cost 16 percent of its GDP by then, equivalent to the entire current New Zealand budget.
The equivalent cost for the US and the EU would be more than $5 trillion. Each and every year. That is more than the entire US federal budget, or more than the EU governments spend across all budgets for education, recreation, housing, environment, economic affairs, police, courts, defense and health.
Tellingly, the European Commission Vice President Frans Timmermans recently admitted that climate policies would be so costly, it would be a “matter of survival for our industry” without huge, protective border taxes.