Opinion | Britain Blinks on Net-Zero Climate Mandates - The Wall Street Journal
Britain Blinks on Net-Zero Climate Mandates - WSJ
Sept. 21, 2023 6:31 pm ET
Some Western government inevitably was going to blink first, and that turns out to be the United Kingdom. Prime Minister Rishi Sunak on Wednesday announced a reversal of some of his signature net-zero climate plans, in a bow to political, economic and climate reality.
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”