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Promising to spend $2 trillion on climate over the next four years, U.S. presidential candidate Joe Biden is taking a path similar to that of politicians from many other rich countries, vowing costly policies to help address global warming.Along with his fellow Democrats, he pledges to end fossil fuels in the power sector by 2035 and cut net U.S. emissions to zero by 2050.
Global warming is a real problem we need to tackle smartly. President Donald Trump has incorrectly suggested that climate change is a hoax and has offered almost no effective climate policy. Better approaches are definitely needed.
But climate panic doesn’t help either.
Biden, like many politicians across the rich world, frequently claims that climate change is an “existential threat” to human existence. However, this is contrary to the central findings of the UN Climate Panel. It estimates that by the 2070s, global warming will overall have a negative impact equivalent to a reduction in incomes of between 0.2 and 2 percent.
By then, the UN expects the average person will be 363 percent as rich as today. The negative impact from climate change means we will instead be 356 percent as rich as today. That is a problem, but …
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