Consequences of Paris Protocol: Devastating Economic Costs, Essentially Zero Environmental Benefits
During the 2015 United Nations Climate Change Conference in Paris, President Obama met with world leaders from around the globe to discuss plans to combat climate change. He submitted a plan to reduce total greenhouse gas emissions by 26 percent to 28 percent from 2005 levels by the year 2025. Though the emission-reduction targets are nonbinding, the Obama Administration has set in place numerous domestic regulations that would aim to meet the target. Heritage Foundation researchers have modeled the impact of the Administration’s climate change agenda as well as plans resulting from this conference, and have determined that these regulations will result in lost jobs, a decline in economic growth, and a marked increase in unemployment. This economic sacrifice is not worth making: These policies and efforts of the industrialized world will result in a negligible impact on global temperatures. Policymakers should reject the Paris Protocol and undo the Administration’s domestic regulations to reduce carbon dioxide and other greenhouse gas emissions.