The world is careening toward a climate crisis, and by that we do not mean nasty weather or impending human extinction. The real challenge lies in adapting to a changing climate without undermining an already stressed global order, not to mention imperiling democracy.
The West’s current policy agenda, based almost entirely on the promotion of “renewable” energy, seems likely to produce only marginal gains while (according to McKinsey) costing $6 trillion annually for the next 30 years, equal to a quarter taxes collected and half of all annual profits worldwide. The question is not so much how we can “fight” climate change but how to do so in a way that does not create other, arguably more disruptive, changes in society and the economy.
Perhaps the biggest obstacle lies in geopolitical realities. In China, India, Vietnam, and much of Africa, the demand for affordable and reliable power has clear priority over achieving “net zero” in the near future. Ultimately what the West does may matter more to its own self-righteousness than the planet itself.
