Costs of climate remedies

Residents of countries aggressively trying to cut emissions of greenhouse gases (GHG) pay more for energy than they would if their governments had more modest ambitions for mitigating climate change. This relationship is inescapable. To lower national emissions of the main GHG target, carbon dioxide, countries must lower the combustion of hydrocarbons, which means cutting consumption of fossil energy. To do this they must displace fossil energy with costlier substitutes, cut energy use overall, or both. Usually, they do both. And energy costs rise above levels that otherwise would prevail. Because Europe decided to lead the world in cutting GHG, Europeans pay extra for energy, the British...

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