3. Do No Harm

It is now plain that it is not possible to have a ‘climate policy’ that has emissions reductions as the all encompassing goal. Cost and scale prevent us from cutting coal.  Economic growth is the best remedy. An Iron law excludes emission reductions that would stifle growth. The precautionary principle should be taken into account, but only after careful considerations of cost and benefits. Climate strategies beyond such “no regrets” efforts carry costs, risks and questions of effectiveness. An increase in carbon dioxide is a small price to pay to alleviate miseries. The rise of energy prices will lead to a huge increase in fuel poverty. Any action combating global warming will be, intended or not, a foreign aid program. We must consider priorities of the developing world. It is hardly an exaggeration to suggest that millions could die of starvation, cold, or worse because of alarmist mitigation policies. Nobody knows that to do. Let’s do no harm.