Be Afraid of Nuclear War, Not Climate Change

Russia’s war in Ukraine shows that global warming has distracted us from more important threats

By Bjorn Lomborg . Excerpts:

"What underpins this climate fixation? The false and irresponsible idea that global warming poses an immediate existential risk for the world. Climate change is real and man-made; have no doubt about that. But the best economic estimates used by the Obama and Biden administrations, as well as those created by the only climate economist to ever win the Nobel Prize in economics, all show that the total impact of unmitigated climate change—not just on the economy but overall—would be equivalent to less than a 4% hit to global GDP annually by the end of the century.

The U.N. estimates that the average person in 2100 will be 450% as rich as today. If climate change continues unabated, the average person will be “only” 434% as rich—a far from catastrophic outcome.

A world scared witless doesn’t make smart decisions—so it should be no surprise it hasn’t managed to make a dent in climate change. Globally, last year saw the most CO2 emissions ever, despite $5 trillion spent over the past decade on climate policies. The U.N. admitted in 2019 that there has been “no real change in the global emissions pathway in the last decade” despite the global Paris agreement.

The European Union has tried to shift to renewables but still gets more than 70% of its energy from fossil fuels. Much of the rest is generated by burning wood chips from trees chopped down in America and transported on diesel ships. Solar and wind produce only 3% of the European Union’s energy, and the technology is unreliable, often requiring backup from gas when the sun doesn’t shine or the wind doesn’t blow. Europe’s refusal to embrace shale gas—which can be found throughout the Continent but remains untapped—has left it at the mercy of Russian gas. The past two months show how dangerous this is.

Well-meaning politicians across the world have been proposing policies to reach net-zero emissions in coming decades. According to McKinsey, the policies will cost $9.2 trillion every year until net zero is supposed to be achieved in 2050. This is equivalent to half the global tax take. Such extremely costly policies are unlikely to be enacted by emerging economies such as India or Africa, whose emissions will skyrocket as their populations and economies grow. Net zero is also likely to fail in the developed world, where its high costs will erode prosperity and thus political support. Achieving net zero would cost every American family $19,300 a year, according to the McKinsey study."