Cutting greenhouse gas emissions was going to save the planet at no cost. Turns out it’s an economy wrecker, which is more feature than bug for many a climate alarmist.
Kallum Pickering, chief economist at Peel Hunt, a London-based investment bank, took on the claim of Labour Party British Chancellor Rachel Reeves, who said that pursuing net zero greenhouse gas emissions didn’t require a deceleration of economic growth. What he found was “sad to say,” but he stands by the facts.
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“The result of the UK’s decarbonization efforts appears to be weak economic growth, stalling living standards, high energy prices and deindustrialization – without denting rising global emissions,” he wrote last week in the Telegraph.
“Net zero is strangling our economy,” says the headline over Pickering’s column, because “limiting available electricity has stifled productivity.”
On the Peel Hunt website, Pickering explained that data from 189 countries indicated there is “a strong positive correlation between living standards and energy consumption – showing a clear link between falling energy capacity and weak productivity in the UK.” He notes that “the decline in UK electricity supply, which started in 2006, coincided with the start of structural weakness in productivity growth.” […]
— Read More: issuesinsights.com
