UN Paris climate deal ‘is likely to be history’s most expensive treaty’ – ‘Cost of between $1 trillion and $2 trillion annually’
Even more insidiously, doom-mongering makes us panic and seize upon the wrong responses to global warming. At a cost of between $1 trillion and $2 trillion annually, the Paris climate agreement, recently ratified by China, is likely to be history’s most expensive treaty. It will slow the world’s economic growth to force a shift to inefficient green energy sources.
This will achieve almost nothing. My peer-reviewed research, published last November in the journal Global Policy, shows that even if every nation were to fulfill all their carbon-cutting promises by 2030 and stick to them all the way through the century—at a cost of more than $100 trillion in lost GDP—global temperature rise would be reduced by a tiny 0.3°F (0.17°C).