Uh-oh, even the wild-eyed hippies at the International Monetary Fund are now admitting that reducing carbon emissions will cost the economy dearly. I made this chart to illustrate:
The red line is business as usual: we continue using the earth’s atmosphere as a free dumping ground for our pollution. The green line is what happens if we reduce our emissions 60% below 2002 levels. (Both lines are indexed to 2007 as a reference year, which I arbitrarily assigned a value of 100).
See what I mean? Huge difference. Huge.
It’s the difference between an annual average growth rate of 2.56% and 2.64%.
Wall Street Journal article is here.