H/T: Rudolf Kipp at Skeptical Science (see first reader comment).
That is about the same as the US annual GDP. That’s the number reported in a recent article appearing in the online Frankfurter Allgemeine Zeitung FAZ), Germany’s leading political daily.
Europe set to climax with green bloody self-flagellation.
The FAZ writes:
In the coming 40 years, the EU must invest 270 billion Euros annually if it wants to reach its long-term climate targets. That’s the result of a draft of a strategy paper that Climate Commissar Connie Hedegaard wants to introduce in early March. In order to reduce greenhouse gas emissions by 80 to 95% by 2050, large-scale investments for the expansion of renewable energies, energy grid, CCS, passive homes, electric vehicles and modern industrial plants will be needed.”
What return will European taxpayers and citizens get for this investment? Maybe a theoretical, imperceptible o.1°C of reduced warming, along with a phony belief they saved the planet. Not even the Soviets could have managed a failure of such proportions. What better way to drive an entire continent into ruin could one possibly conceive?
But the EU seems to think this is all bearable. After all, it is only 1.5% of the EU economy – about the amount paid by the EU because of the financial crisis. And it’s the way to keep Europe in the leading position as the world’s climate protector.
But it is doubtful that even the most green-eyed bureaucrats believe these targets are achievable. So they added an escape clause in the whole thing. The EU will also be allowed to count CO2 reductions achieved in third countries. I’m not clear on what that means exactly, but to me it’s an open door to accounting tricks.
Still, it is an ambitious plan, especially amid all the conference failures of the past. Indeed rather than discouraging Europe, these global failures to agree on reductions in emissions have only emboldened Europe to get even tougher. FAZ writes:
The European Parliament and enviironmental activists have repeatedly demanded that the EU unilaterally commit itself to even tougher reductions in order to give climate change negotiations more impetus.”
What do the EU bureaucrats care? After all, it’s the EU citizens who are going to have to bear all the pain. The citizens be damned. And besides, they’ll be able to enjoy the benefits of an imperceptibly cooler 0.1°C and a feeling they rescued planet. So let the self-flagellation begin.