Europe’s Expensive Climate Club and Its Detractors

Europe’s Expensive Climate Club and Its Detractors
(AP Photo/Gregorio Borgia)

The EU published a whole raft of additional climate policies on July 14th with its long-awaited “Fit for 55” package to make Europe carbon neutral by 2050. It included its most contentious plank – the carbon border adjustment mechanism (CBAM).  On July 19th, US Democrat legislators introduced a similar bill to tax imported goods for their carbon content sourced from countries that lack strict environmental policies. Details on the US proposal are scant, with one leading newspaper article stating that the US would “require companies that want to sell steel, iron, and other goods to the United States to pay a price for every ton of carbon dioxide that is emitted during their manufacturing processes. If countries can’t or won’t do that, the United States could impose its own price.” It would seem that the Nordhaus climate club has become the policy vehicle of choice for advocates of the “climate emergency” on both sides of the Atlantic.

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