A global coalition of financial institutions announced Wednesday that more than 450 firms controlling $130 trillion in assets have committed to shifting the global economy to cleaner energy. On Day 3 of the United Nations’ COP26 climate summit, the Glasgow Financial Alliance for Net Zero said these banks, investors, and insurers have vowed that the companies and projects they invest in will reach net-zero emissions by 2050. This will mean “every financial decision takes climate change into account,” said former Bank of England chief Mark Carney, who leads the coalition with billionaire former New York Mayor Michael Bloomberg.
This, of course, represents nothing but an enormous economic distortion and malallocation of capital on the basis of junk science catastrophist superstition. This will be a staggering-scale tax on the economies of the trans-Atlantic democracies which will very significantly reduce growth and cause the standard of living of the unfortunate citizens of all these participating countries in future to be far lower than otherwise might have been the case. Stupidity, bad leadership, and bad ideas exact a terrible cost on societies.
If we all had the tax rates, the monetary policies, and the kind of sensible leadership that Britain and the United States had in the late Victorian — eariy Edwardian eras, we’d already have those flying cars and have been vacationing on Mars long since.