Say NO To Climate Reparations

It’s another one of these socialist, central-planning, redistributionist thoughts that plague the Biden administration and unfortunately too many other OECD countries.

This latest Joe Biden-John Kerry Green New Deal socialist scam that the wealthy Western economies are supposed to sign up for so-called climate reparations to pay poor countries for alleged damage caused by the industrial world’s use of fossil fuels is a terrible idea.

It’s another one of these socialist, central-planning, redistributionist thoughts that plague the Biden administration and unfortunately too many other OECD countries, especially in Europe.

This came out of the 2015 Paris Accord, and it was never implemented in the U.S. because the Republican Congress wouldn’t agree to it.

One of President Trump’s best ideas was pulling out of the 2015 Paris Accord altogether — and instead opting to turn on the spigots for all forms of energy. Fracking, renewables, nuclear ... you name it.

That gave the U.S. energy dominance and, ultimately, independence. Especially independence from the looney tunes 2015 Paris Accord.

For the umpteenth time, I will note that the U.S. is the world leader in reducing carbon emissions — by far. One climate scientist, Bjorn Lomborg, has steadily argued that the poor countries would like as much energy as they can get to improve their poverty-stricken economies. Most of them would very much like to have oil and gas power, including fertilizer to solve the plague of food scarcity.

In fact, most of the low income-countries have no interest in abolishing fossil fuels. They’re way smarter than Mr. Kerry and his radical Green New Deal followers. Heck, even Germany and the European Union have now relabeled natural gas as a clean-burning green fuel. In other words, the European greenies are a lot smarter than the U.S. greenies.

Once upon a time, one of these Paris Accord meetings promised $100 billion a year that the rich would pay the poor, but that never happened. This latest reparation scam thus far has no set amounts and no timetables. Rest assured, the GOP Congress will not approve any such funding, no matter what the final number may be.

Meanwhile, Mr. Kerry and his merry band of prosperity killers really have eyes on the so-called international development banks. Especially the World Bank, which Mr. Kerry and his followers would like to convert into a world climate bank.

Fortunately, the World Bank president, David Malpass, while already approving some energy rescue money, will not allow any sort of ultra-green takeover.

Then there’s China, which looks like it will get off scot free because it holds onto its nonsensical classification as a so-called undeveloped, or middle-income, nation.

This is exactly the same kind of scam it uses in the World Trade Organization to maintain rule-breaking high tariff and non-tariff barriers that have done so much damage to American blue-collar working people.

China, of course, has been a model Green New Deal citizen on the world stage — since that well-known renewable fuel called coal accounts for 60 percent of its power, and it’s planning for more than 200 new coal plants over the next 10 years.

Additionally, climate science has not definitively linked carbon to natural disasters. Again, Mr. Lomborg has shown this not to be the case.

What should be the case is the application of free-market capitalism to energy, as well as every other part of the world economy. Free-market capitalism is the greatest prosperity creator and poverty fighter ever known. Free-market capitalism spawns undreamed-of technological advances and innovative practices that will solve climate issues, just as they have solved every other problem ever known to mankind.

Let’s just say “no” to climate reparations, other redistribution schemes, and socialism in general. Because it’s a loser.

From Mr. Kudlow’s broadcast on Fox Business News.

Larry Kudlow was the Director of the National Economic Council under President Trump from 2018-2021. His Fox Business show "Kudlow" airs at 4 p.m &. and his radio show airs on 770 ABC from 10:00 a.m. to 1:00 p.m.