“Green taxes are mostly regressive — percentage-wise they affect and hurt the poor the most. Just look at Germany’s energy policy, the so-called Energiewende. It is failing the poor, while being a poor way to help the climate.” said Bjørn Lomborg, director of the Copenhagen Consensus Center, to the Daily Caller News Foundation. “Germany’s ‘renewable energies reallocation charge’ has contributed to electricity prices for households increasing 83% (in real terms) since 2000. This charge has increasingly reallocated money from the poor to the rich.”
Even the Intergovernmental Panel on Climate Change assumes in its various scenarios that the people of 2100 will be between 3 and 20 times wealthier than people of today despite assuming the worst possible impacts of global warming. Reducing emissions today for the benefit of people in 2100 is transferring money from the poor to the rich.
Extreme global warming of 2.5 degrees Celsius by 2100 is estimated by economists to reduce the average person’s buying power by a mere 1.3 percent. That’s less than the average annual rate of economic growth. Existing environmental regulations already do more damage to the average person’s buying power than the worst case global warming scenarios.
Studies by academics and think tanks generally conclude that environmentalist inspired public policy likely increases unemployment, slows economic growth, and often leads regulatory incentives which make the problem worse. Raising prices and reducing productivity via environmental regulation harms low-income individuals far more than it harms the wealthy.
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