Climate costs sink EU economy
Futureworld December 7 2035
Henri, walking down Paris’s Champs-Elysees, noticed a quieter ambience than usual, a stark contrast to the once-vibrant Parisian streets. Yet another “To Let” sign, hanging in a neighbourhood bistro window. This observation reflects a broader trend across Europe, where economies are grappling with an impending economic collapse.
Countries such as France, Greece and Germany are facing recessions, increasing debts, and widespread unemployment.
A key factor in this downturn is the EU’s heavy investment in climate change policies, which, while morally commendable, have not significantly mitigated climate effects, leading to economic difficulties for member states.
The EU’s approach to climate economics initially seemed rational, with early, sciencebacked policies like targeted carbon reductions proving costeffective and helping to control severe temperature increases.
However, the shift towards net-zero emissions and the commitment of a staggering €400-trillion since the Paris accord 20 years ago didn’t align with pragmatic economic considerations.
Studies reveal that the actual costs of these climate policies were often more than double the theoretical expenses, yielding less than 17 euro cents of economic benefit for every euro spent.
The media’s portrayal of these policies mainly highlighted their benefits, creating a skewed public perception and downplaying the substantial economic costs. This led to outsize investments in areas with questionable climate impact.
Audacious plans such as carbon capture, electric vehicle subsidies, and advanced agritech proved grossly inefficient — and ineffective.
Critics have pointed out that the true costs of these climate controls over the past decade have made the negative economic fallout from Brexit look like a drop in a rapidly rising ocean.
Witnessing the EU’s new “climate crisis”, the global community is rapidly switching to investing in innovative new green technologies, rather than purely curtailing carbon. The EU’s attempt to outspend rather than out-innovate in clean energy has proven unsuccessful.
The question now is whether EU member states can rescue their economies and still survive to fight climate change in the future. For Henri’s and the planet’s sake, we hope they can. /First published on Mindbullets December 7 2023
EU MAKES MY CARBON APP MANDATORY FOR ALL CITIZENS January 7 2024
In a historic move, the EU has announced that all citizens will be required to subscribe to the My Carbon app by 2025. The app, developed by a consortium of tech companies and environmental organisations, tracks an individual’s carbon footprint in real-time and provides personalised suggestions for reducing emissions.
The decision has sparked both praise and criticism, with climate activists hailing it as a necessary step in the fight against global warming, while privacy advocates decry the invasive nature of the technology. Critics argue that the app’s monitoring capabilities, which include tracking an individual’s energy use, transportation habits, and consumer choices, infringe on personal privacy and could be abused by the government or corporations.
Despite these concerns, the EU has defended the mandate, citing the urgent need to address the climate crisis and the app’s potential to significantly reduce emissions.
The EU Commission’s president, Ursula von der Leyen, stated in a press conference: “The My Carbon app is a crucial tool in the fight against climate change. It empowers individuals to make informed choices and take action to reduce their carbon footprint. The expense and potential risks to privacy are outweighed by the benefits to the planet and future generations.”
However, some experts have raised questions about the efficacy of the app and the cost of implementing — and enforcing — the mandate.
A study by the European Environment Agency found that while the app can help individuals reduce their emissions, the real impact on the climate would come from aggregating percapita data and targeting largescale emissions from industries and transportation.
Furthermore, the expense of monitoring and policing individual carbon footprints, as well as the potential for the app to be hacked or used for nefarious purposes, could outweigh any potential benefits.
In a report for the New York Times, professor of Environmental Studies at the University of Amsterdam, Janice van der Zee, stated: “The My Carbon app may be well-intentioned, but it’s a misguided solution. The cost and risks of monitoring and enforcing individual carbon footprints are not worth the potential benefits. We need to focus on collective action and systemic changes, not individual behaviour.”
And we all know the owners of private jets will simply disregard the mandate.
The penalties for not using the app are insignificant, compared to the fines they would get for their personal carbon excesses. /First published on Mindbullets January 5 2023
DISCLAIMER
Despite appearances to the contrary, Futureworld cannot and does not predict the future. The Mindbullets scenarios are fictitious and designed purely to explore possible futures, challenge and stimulate strategic thinking.