Discussion here has previously focused on whether or not there's any basis to 'manmade climate change'. Well actually it doesn't matter. The idea is well established and they're going to start legislating for it anyway. The UK's draft climate change bill is proof that its manmade causes are being presented as a fait accompli.

It's difficult to assess the economic implications of where the greens are leading us but I suspect they're being underplayed just as much as the catastrophic effects of not doing something are being overplayed. In my mind it's not inconceivable that after the local witch hunt for co2 emissions there will be an even greater commitment to planet saving (normal psychological reaction). My guess is that we're going to have issues with free international trade. After imposing expensive regulation on your own industry who's going to want to take cheap imports from planet destroyers?

From a January 31st Financial Times column:

Climate change is no longer a fringe issue; even investment bankers are worried about it. Lehman Brothers and UBS both published bumper reports on the subject on Wednesday. This sudden burst of activity illustrates a central point of the Lehman report: the progress of climate change may be slow and hard to quantify but the impact on business can be sharp and sudden. Already, some houses on low-lying land have become uninsurable and unsellable owing to the increased risk of flooding.

Even if skeptics aren't convinced by the science, carbon dioxide is already having a big effect on the political climate. In the short term, the greatest impact on business is likely to come from more stringent regulation…. 


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