Only cheaper ‘green’ fuels will force changes in energy use
Last week an extraordinary, scary story made climate headlines around the world: a melting Arctic could release an immense amount of methane that would dramatically increase global warming and cost the world a phenomenal $60tn. Fortunately, it is just a scare story. Of course, if you take an implausibly catastrophic event and run it through an implausibly pessimistic economic model, you can get headlines, but you don’t get good policy. The depressing reality is that current climate policies have failed. Yes, there is a climate problem, but we are throwing huge amounts of money at it to achieve almost nothing.