Irwin Stelzer: “The world is very unlikely to zero out net emissions by 2075, let alone by 2050” — the Paris target — writes the well-qualified Steven Koonin in his new book, Unsettled. So a new curriculum must be added to the old. With two courses. The first is Adaptation. It has a virtue — it is very expensive and visibly so, which should increase support for emissions abatement. The US Army Corps of Engineers estimates that it would cost $6 billion to construct a 20ft- high seawall across beautiful Biscayne Bay to save Florida’s eroding coast line. While that is debated, Miami residents are raising their sidewalks. Adaptation gives the various research projects being pushed by Bill Gates, among others, time to come to fruition. He and his fellow billionaire private-sector investors must be imagining they can do for climate change what Sir Richard Branson and Jeff Bezos have done for space travel. The European Commission is proposing a carbon border adjustment mechanism (CBAM). This would levy a fee on the carbon content of imports, forcing countries exporting to the EU to reduce their emissions. America prefers the name “polluter import fee” and has already followed the commission’s lead, in good part because Biden needs the revenue for his welfare state. That brings to 40 per cent the portion of China’s exports subject to CBAM, and the annual cost to Russia $60 billion between 2022 and 2030, according to KPMG. If CBAM is adopted by the EU and the US, the much-maligned commission can take a bow for changing these meetings from promise factories into serious meetings at which virtue-signalling is gone and the word is clean up or pay up.
Times 25th July 2021 read more »