Partisan green campaigners and radical eco-groups have complained that America is not leading the way in fixing global warming. They claim that socialist, European Union carbon trading, government-subsidized solar panels and wind turbines, and “fuel poverty” producing renewable energy mandates are how developed economies should control climate change.
The U.S. fracking revolution has cut natural gas fuel prices in half over the last decade, allowing natural gas to replace coal in U.S. electric power production. Natural gas emits less than half the CO2 produced by coal burning. In 2012, fracked natural gas reduced U.S. CO2 emissions by 300 megatons, and it will continue to reduce CO2 emissions globally where it replaces coal and other high-carbon fuels.
The direct cost of cutting E.U. emissions with solar and wind is about $14 billion per year, compared to $4 billion in the U.S. Moreover, the indirect costs of E.U. climate carbon controls and related growth-reducing impacts are much greater and damaging. The total costs of E.U. climate controls are estimated at about $280 billion per year.
Compared to the E.U., the U.S. fracking revolution has saved America about $100 billion per year with cheaper natural gas, and created at least 600,000 new jobs. (Politico, Bjorn Lomborg, Jan. 21, 2014)
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