For all the gushing over the United Nations’ Paris climate change accord, precious little has been said about its massive cost to America or the framework’s miniscule effect on global temperatures. The Heritage Foundation ran the numbers.
For a negligible, perhaps only theoretical, change in global temperatures, President Obama’s goal would put an anchor on the U.S. economy for decades to come. Meanwhile, the emission-reduction targets set by other nations are nonbinding. It’s “a push for un-development for the industrialized world and a major obstacle for growth for the developing world,” according to three scholars who wrote the Heritage analysis.
Coal, oil and natural gas provide 87 percent of America’s energy needs. Mr. Obama’s fanciful objective for U.N. appeasement is to cut total U.S. CO2 emissions by up to 28 percent from 2005 levels come 2025.
For now, the U.S. Supreme Court has put a stay on Obama’s Clean Power Plan. But based on Heritage’s analysis, the Obama climate standard will cost $2.5 trillion in lost gross domestic product (more than $20,000 in lost income for a U.S. family of four) by 2035. And it would kill more than 206,000 manufacturing jobs by 2040. All this for “essentially zero” environmental benefits.
This is how “progressives” define “progress.”
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