New Study: Green New Deals: Bad for Americans & Bad for Europeans: ‘Would drive energy prices higher, disproportionately harming low-income Europeans, while doing little to improve the climate’


By: - Climate DepotAugust 12, 2020 8:15 AM

https://www.heritage.org/energy-economics/report/green-new-deals-bad-americans-and-bad-europeans

Authors:
James Roberts, Nicolas Loris and Kevin Dayaratna

The American Green New Deal (GND) has far more to do with government control than it does climate control, and the same reasoning can and should be applied to the European GND. Policymakers on both sides of the Atlantic should apply market-based reforms that will drive innovation and economic growth and yield better environmental outcomes. Extremely costly, ineffective climate measures such as the GND will leave Europeans worse off economically and environmentally.

KEY TAKEAWAYS

Europe’s Green New Deal proposal promises no net emissions of greenhouse gases by 2050 but would reduce living standards, political liberty, and economic freedom.

A European Green New Deal would drive energy prices higher, disproportionately harming low-income Europeans, while doing little to improve the climate.

The EU should instead roll back energy subsidies, refrain from new conventional fuels regulations or bans, and keep the door open for nuclear energy.