COP29, Climate Groundhog Day

Shale fracking does more to reduce CO2 emissions than all the talk in Baku

WSJ editorial. 

"The United Nation’s COP29 climate summit in Baku, Azerbaijan, ended this weekend with a promise by wealthy countries to spend $300 billion a year by 2035 to help poorer ones adapt. Was this the ransom for letting high-flying emissaries escape on their private jets?

Like the movie “Groundhog Day,” each U.N.’s annual climate confab is a repeat of the last. Poor countries lambaste wealthier nations for their CO2 emissions. Wealthy countries self-flagellate and promise to atone by financing climate projects in developing countries. That sums up the blowout in Baku.

The U.S. and Europe are hailing the $300 billion deal for climate transfer payments. But like previous commitments, this one isn’t legally binding, and almost any international assistance counts toward the goal. As India’s emissary noted, it’s an “optical illusion.”

In 2009 wealthy countries pledged to spend $100 billion a year as penance for their climate sins. The Organization for Economic Cooperation and Development took a victory lap in 2022 when wealthy countries supposedly hit that goal, though general development projects backed by multilateral financing agencies accounted for much of the spending.

Poorer countries led by India tried to shame their wealthier counterparts into offering up $1.3 trillion in grants. But rich countries rightly balked at asking their taxpayers to finance climate largesse in low-income countries, especially when they are spending hefty sums trying to meet their own pointless emissions goals.

The West’s self-defeating climate policies have failed to reduce global emissions and may increase them by driving more manufacturing to China, India and other countries that rely heavily on coal. Global emissions are set to hit a new peak this year, though U.S. CO2 emissions are expected to decline 0.6% and Europe’s by 3.8%.

U.S. emissions are declining as cheap and abundant natural gas replaces coal in power production. America’s coal emissions are the lowest in more than 120 years. Increasing renewable production has reduced Europe’s emissions but also raised its energy prices and driven more manufacturing to China.

The reality is that U.S. shale fracking has done more to reduce emissions than the West’s climate mandates and subsidies. This may be why Biden climate envoy John Podesta said he expects U.S. emissions to continue to decline under Donald Trump. By accelerating U.S. liquefied natural gas export projects, Mr. Trump could also reduce global emissions.

But don’t expect this to stop the same climate movie from replaying next year."