Caught a bit of the Independent Women’s Forum program on C-SPAN Radio this morning, “Energy Today, Energy Tomorrow.” The IWF favors a free-market approach toward energy policies (part of a coalition against the congressional bills to tax energy producers), so they’re a good source for perspective.
Margo Thorning, chief economist for the American Council for Capital Formation, was on hand to talk about the ACCF’s latest report, “A Reality Check on Initiatives to Reduce Greenhouse Gas Emissions in California, Oregon, the Northeast and in Europe.” If there’s one thing the statists need, it’s a reality check, and the report is definitely worth reading. Key excerpt:
Climate change policies should continue to strive to reduce energy intensity as the capital stock is replaced over the business cycle, promoting the development of new, cost-effective technologies for alternative energy production and conservation while encouraging the spread of market based reforms in the developing world. This approach is likely to be much more productive than adopting mandatory CO2 reduction targets that would sacrifice economic well-being and job growth with little or no long-term impact on global GHG emission growth.
If experience is any guide, the regulators and controllers, when faced with the failure of their environmental policies to achieve their sweeping goals, will determine that their mistake was not going far enough with their regulating and controlling.
The ACCF paper provides a helpful and persuasive counterpoint to that approach.
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