That means 1,437 policies (95.8%) were futile and failed. A meager 4.2% success rate would put most companies or organizations out of business or get someone fired. Such low rates of return are troublesome, but somehow, governments can get away with it.
Among the few strategies considered successful are “price-based instruments”—carbon pricing, energy taxes, vehicle taxes, etc. Yet, the successful interventions only yielded total emission reductions between 0.6 billion and 1.8 billion metric tons of carbon dioxide. If the United Nations desires to cut the 40 billion tons of carbon emitted into the atmosphere each year by nearly half, the last two decades of climate policies have hardly made a dent.
Meanwhile, the majority of sweeping laws and regulations (the most popular being subsidies) enacted in the name of climate change have been inconsequential. Instead, they are inflicting harm, and consumers are paying the price.
The Inflation Reduction Act (IRA), a climate bill loaded with green energy handouts, is projected to cost American taxpayers at least $1.2 trillion over the next decade; some estimates put it closer to $2 or $3 trillion. The ballooning federal debt is already breaking the backs of middle- and lower-class Americans.
Plenty of states are snatching up the wind and solar subsidies offered in the IRA, obligating their regions to aggressively pursue renewable energy portfolios. Residents are seeing their utility bills skyrocket while at the same time being forced to endure the unreliability of renewable energy sources.
The North American Electric Reliability Corporation has repeatedly warned about risks to grid reliability. A sharp increase in renewables, coupled with a rapid scale back of fossil fuels, could lead to blackouts. This negatively impacts economic growth and puts lives at risk.
Gasoline prices have also spiked. A number of issues certainly factor into what motorists pay at the pump, but a leading cause has been the many actions taken in recent years severely restricting supply.
Nearly one in three households in the U.S. experiences energy poverty. It is even worse for certain minority communities: More than half of Black households, and close to half of Hispanics, struggle to pay their electric bill. One-third of Americans have foregone medicine or other necessities to keep their lights on.
High energy costs have fueled inflation. The prices of many goods and services have escalated quickly, leading to the highest inflationary rates in four decades. The cost of living continues to be a strain for most Americans.
Home prices are jumping, partially due to U.S. Department of Housing and Urban Development climate and environmental regulations which are adding up to $31,000 to the final price. Would-be homebuyers are seeing the dream of home ownership slip away.
Retrofitting new homes with environmentally strict appliances is adding as much as $9,100 to the final bill. At least 15 household appliances have been targeted by agencies, making them 34% more expensive than just 15 years ago.
Elected officials are pushing electric vehicles (EV), mandating that they comprise two-thirds of new car sales by 2035. Even with generous EV tax credits offered through the IRA, overall sales are lackluster; these cars are completely out of reach for most motorists. Riddled with issues, the transition to an electric fleet is proving to be very difficult. Auto manufacturers are losing money.
The struggle in America has been real, but we are not alone.
Countries throughout Europe, among the first to enact climate policies, are faring even worse. Dealing with shortages and skyrocketing prices, experts believe Germany’s contracting economy can be tied to its “obsession” with renewable energy. Britain’s aggressive pursuit of renewables has also inflicted economic pain through high costs, energy shortfalls, and low productivity.
Cutting emissions is intended to be a global effort, but requiring developing nations to be on board with net-zero policies condemns them to a life of poverty. Nigerian vice-president Yemi Osingajo correctly stated that “no one in the world has yet been able to industrialize using renewable energy.” Nearly half of Africa’s 1.5 billion inhabitants lack access to electricity and desperately need the benefits of affordable and reliable energy.
The transition to so-called green energy also promises to yield a cleaner environment, but reality paints a different picture. The mining processes of critical minerals necessary for wind, solar, and EV batteries are destructive.
Certainly, crafting policies to dramatically alter the climate is a challenging task. In fact, it may not be possible. Several models claim that even if net zero emission targets were reached, only 0.13 degrees warming would be averted.
While the climate study has received its share of positive spin, the writing is on the wall. These climate policies have done more harm to the very individuals they claim to protect. Trillions of dollars in spending, with very little to show for it, except for economic hardship.
Society faces increasing energy demands; we would be better served by policies that foster energy abundance and affordability. The U.S. has already successfully reduced emissions through market-based solutions, such as increased vehicle efficiency, fracking, and LNG exports; we can continue to pioneer advancements without drastic government intervention.
Let innovation thrive. Drop the heavy-handed regulations, subsidies, and encroachment.
Meanwhile, the majority of sweeping laws and regulations (the most popular being subsidies) enacted in the name of climate change have been inconsequential. Instead, they are inflicting harm, and consumers are paying the price.
The Inflation Reduction Act (IRA), a climate bill loaded with green energy handouts, is projected to cost American taxpayers at least $1.2 trillion over the next decade; some estimates put it closer to $2 or $3 trillion. The ballooning federal debt is already breaking the backs of middle- and lower-class Americans.
Plenty of states are snatching up the wind and solar subsidies offered in the IRA, obligating their regions to aggressively pursue renewable energy portfolios. Residents are seeing their utility bills skyrocket while at the same time being forced to endure the unreliability of renewable energy sources.
The North American Electric Reliability Corporation has repeatedly warned about risks to grid reliability. A sharp increase in renewables, coupled with a rapid scale back of fossil fuels, could lead to blackouts. This negatively impacts economic growth and puts lives at risk.
Gasoline prices have also spiked. A number of issues certainly factor into what motorists pay at the pump, but a leading cause has been the many actions taken in recent years severely restricting supply.
Nearly one in three households in the U.S. experiences energy poverty. It is even worse for certain minority communities: More than half of Black households, and close to half of Hispanics, struggle to pay their electric bill. One-third of Americans have foregone medicine or other necessities to keep their lights on.
High energy costs have fueled inflation. The prices of many goods and services have escalated quickly, leading to the highest inflationary rates in four decades. The cost of living continues to be a strain for most Americans.
Home prices are jumping, partially due to U.S. Department of Housing and Urban Development climate and environmental regulations which are adding up to $31,000 to the final price. Would-be homebuyers are seeing the dream of home ownership slip away.
Retrofitting new homes with environmentally strict appliances is adding as much as $9,100 to the final bill. At least 15 household appliances have been targeted by agencies, making them 34% more expensive than just 15 years ago.
Elected officials are pushing electric vehicles (EV), mandating that they comprise two-thirds of new car sales by 2035. Even with generous EV tax credits offered through the IRA, overall sales are lackluster; these cars are completely out of reach for most motorists. Riddled with issues, the transition to an electric fleet is proving to be very difficult. Auto manufacturers are losing money.
The struggle in America has been real, but we are not alone.
Countries throughout Europe, among the first to enact climate policies, are faring even worse. Dealing with shortages and skyrocketing prices, experts believe Germany’s contracting economy can be tied to its “obsession” with renewable energy. Britain’s aggressive pursuit of renewables has also inflicted economic pain through high costs, energy shortfalls, and low productivity.
Cutting emissions is intended to be a global effort, but requiring developing nations to be on board with net-zero policies condemns them to a life of poverty. Nigerian vice-president Yemi Osingajo correctly stated that “no one in the world has yet been able to industrialize using renewable energy.” Nearly half of Africa’s 1.5 billion inhabitants lack access to electricity and desperately need the benefits of affordable and reliable energy.
The transition to so-called green energy also promises to yield a cleaner environment, but reality paints a different picture. The mining processes of critical minerals necessary for wind, solar, and EV batteries are destructive.
Certainly, crafting policies to dramatically alter the climate is a challenging task. In fact, it may not be possible. Several models claim that even if net zero emission targets were reached, only 0.13 degrees warming would be averted.
While the climate study has received its share of positive spin, the writing is on the wall. These climate policies have done more harm to the very individuals they claim to protect. Trillions of dollars in spending, with very little to show for it, except for economic hardship.
Society faces increasing energy demands; we would be better served by policies that foster energy abundance and affordability. The U.S. has already successfully reduced emissions through market-based solutions, such as increased vehicle efficiency, fracking, and LNG exports; we can continue to pioneer advancements without drastic government intervention.
Let innovation thrive. Drop the heavy-handed regulations, subsidies, and encroachment.
Kristen Walker is a Policy Analyst where she researches and writes on a variety of consumer issues. She previously worked for the Competitive Enterprise Institute in development and donor relations. This article was first published HERE
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