Breakingviews - Climate Policy Requires a More Realistic Approach
The pursuit of net zero carbon emissions has been a resounding failure. Despite trillions of dollars spent on renewable energy, hydrocarbons still account for over 80% of the world's primary energy and a similar share of recent increases in energy consumption, according to The Energy Institute. Coal, oil, and natural gas production are at record highs.
- A more nuanced approach to climate policy would acknowledge that the transition away from fossil fuels is far from straightforward, involving complex economic, technological, and social trade-offs.
- How can policymakers strike a balance between reducing greenhouse gas emissions and avoiding unintended consequences, such as higher energy costs and job losses in industries already struggling with declining demand?