Yesterday, United Nations Secretary General Ban Ki-moon hosted a climate summit in New York designed to improve the chances that the December U.N. Copenhagen Climate Conference would produce a substantive treaty that would cap and cut carbon emissions. The Copenhagen agreement would replace the Kyoto Protocol that was rejected by the United States Senate 95 - 0. But as the Washington Post reports, even President Barack Obama’s star power failed to move nations towards meaningful carbon reductions:
Initially, many climate activists had hoped this year would yield a pact in which nations would agree to cut their greenhouse gas emissions under the auspices of a legal international treaty. But recent announcements by China, Japan and other nations point to a different outcome of U.N. climate talks that will be held in December in Copenhagen: a political deal that would establish global federalism on climate policy, with each nation pledging to take steps domestically.
But climate “federalism” would be pointless. It is called ”global” warming for a reason. Just ask Environmental Protection Agency Administrator Lisa Jackson who admitted to the Senate this July that “U.S. action alone will not impact CO2 levels.” This is 100% consistent with all the best science which shows that the carbon reductions under the Waxman-Markey cap and trade bill will not affect global temperatures in any material way. For example a recent study of cap-and-trade by MIT concluded:
The different U.S. policies have relatively small effects on the CO2 concentration if other regions do not follow the U.S. lead…The Developed Only scenario cuts only about 0.5 °C of the warming from the reference, again illustrating the importance of developing country participation.
Yesterday China tried to upstage Obama by selling their plan to “tackle this challenge” including promises improve the energy intensity and … plant more trees. But as University of Colorado professor of environmental studies Roger Pielke points out, China’s energy intensity claims simply defy reason:
China’s energy intensity in 2008 is about the same as it was in 2001. Any claim that China’s energy intensity has improved by 20% over the past five years is incorrect. … energy intensity has improved by only about 7.4% since 2005, meaning that it has a long way to go to reach a 20% target by 2010. Can it happen? Sure. But to say that China is “well on its way” does not square with the data. It would be “ironic” indeed if China has figured out how to grow its economy at 9% per year while increasing energy use by only 3% and decarbonizing its economy at an even lower amount. If this were true, then China would have discovered the holy grail of emissions reductions and we can all forget about the challenges of climate policy.
Economic growth is China’s number one priority, not global temperatures, which as the New York Times points out “have been relatively stable for a decade and may even drop in the next few years.” China isn’t the only one focused on providing jobs instead of appealing to the sensibilities of the enviro-left. The World Bank is spending billions to help poor countries build coal power plants. Marianne Fay, the bank’s chief economist for sustainable development, told The Times: “There are a lot of poor countries which have coal reserves and for them it’s the only option. The [bank’s] policy is to continue funding coal to the extent that there is no alternative and to push for the most efficient coal plants possible. Frankly, it would be immoral at this stage to say, ‘We want to have clean hands, therefore we are not going to touch coal’.”
Forcing people to sacrifice their jobs and economic opportunity to lower temperatures that are not rising is immoral. But that is exactly what the cap and trade legislation in Congress would do.
Quick Hits:
- Congressional Budget Office Director Douglas Elmendorf directly contradicted President Barack Obama yesterday, telling senators that Obama’s planned Medicare Advantage cuts would cause reduced benefits for seniors.
- According to a new NBC News poll, more Americans think “Barack Obama’s health care plan” is a “bad idea” (41%) than think it’s a “good idea” (39%), and only 20% believe it will improve the quality of their care while 36% believe Obamacare will make their health care worse.
- The fast-rising cost of drugs and medical care is raising questions on how long France can afford their health care system.
- Following revelations that Obama administration officials used the National Endowment of the Arts to promote his policy agenda, Senate Republicans on the Health, Education, Labor and Pensions (HELP) Committee are beginning an investigation.
- Federal investigators are probing whether a local union president at a Pennsylvania U.S. Energy Department laboratory improperly helped President Barack Obama’s 2008 campaign on government time by using government facilities.
During a July 7th Senate Environment and Public Works Committee hearing on the 1,500 page Waxman-Markey cap-and-trade legislation, Senator James Inhofe (R-OK) got Environmental Protection Agency administrator Lisa Jackson to admit that “U.S. action alone will not impact CO2 levels.” This is 100% consistent with all the best science which shows that the carbon reductions under Waxman-Markey will not affect global temperatures in any material way. For example a recent study of cap-and-trade by MIT concluded:
The different U.S. policies have relatively small effects on the CO2 concentration if other regions do not follow the U.S. lead…The Developed Only scenario cuts only about 0.5 °C of the warming from the reference, again illustrating the importance of developing country participation.
As we have asked before, “So how is that ‘developing country participation’ going?” Well, just this week ministers from 10 African countries renewed their intent to demand billions of dollars in aid before they sign any climate agreement and both China and India have also made it crystal clear that they require billions in aid to help finance carbon-reducing projects before they agree to reduce their emissions.
So where are all these billions of dollars going to come from? You, of course. A recently leaked document from the G20 Climate Finance Experts Group refers to “carbon market finance,” as a major source of the “hundreds of billions of dollars per year” delivered to the rest of the world by the U.S. and the other wealthier nations. So what is “carbon market finance?” It’s what Waxman-Markey proponents call cap and trade even though, in reality, all it is a huge new energy tax.
But the story gets even better. Remember all those EPA and CBO estimates purporting to show how little the Waxman-Markey energy tax would hurt consumers? Well, besides the fact that they all ignored the cost of lost GDP from higher energy taxes, the CBO and EPA also assumed that Waxman-Markey would rebate all of its tax proceeds back to consumers. For example, the CBO estimates Waxman-Markey would raise taxes on Americans by $872.8 billion between 2010-2019 but then also assumes that the federal government will immediately turn around and spend $863.8 billion.
In other words, the left in Congress has already spent 100.3% percent of the “carbon market finance” revenues raised. And not a single penny of it has yet been allocated to India, China, and the other developing countries that are demanding cash payments from us before they lift a finger to reduce carbon emissions.
As our economy struggles to recover, our leaders should be working to lower our energy costs and develop our own natural resources, not enacting complex regulatory schemes that will crush our economy and send our hard-earned money overseas.
Quick Hits:
- Rep. Betsy Markey (D-CO) admitted to constituents Wednesday that some people, including Medicare recipients, will have to give up some current benefits under Obamacare.
- Despite three decades of support from the U.S. Conference of Catholic Bishops for universal health insurance, some conference leaders have concluded Obamacare will pay for abortions and worry rationing will penalize the chronically ill.
- According to Rasmussen Reports, cratering support for Obamacare has leveled off over the past two weeks with only 43% of voters favoring the plan with 54% opposed.
- According to a new poll by The Economist, only 24% of Americans believe President Obama’s stimulus plan is working and only 9% think the plan will eventually work.
- Toyota’s decision to officially close its Fremont, California plant next March means the Golden State’s toxic business environment will have killed its last auto plant in the state.