Kudlow: Stop the G20 assault on growth and prosperity
'Attempts to force radical change by ending fossil fuels will create enormous economic damage to the entire world' says the FOX Business host
One of the most interesting climate change points to me that is never mentioned by President Biden and all the existential threat crowd is just how well the U.S. has done in cutting carbon emissions in the last 20 years. I mean they never talk about it. Don't you think that's odd? While they're blaming America. As they always do.
Since the 2005 baseline, our emissions have dropped 20% or even slightly more through the end of 2020. The Paris Climate Accord target was 25% by 2025. So, we nearly hit it 5 years early. Ya know why? Two words. Natural gas.
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And then there's a third word: fracking. American free enterprise, private sector ingenuity and technology adapted an old process and retooled it to generate this massive resolution in horizontal drilling and hydraulic fracturing. There was no government plan. It came out of private enterprise. And natural gas of course is a clean burning fuel. Which has partly replaced both oil and coal.
In the last 20 years, natural gas use in the USA has more than doubled. Because it's cheap, clean, and accessible through the new technology. And the demand for liquefied natural gas is growing exponentially all around the world. That is, American LNG. A fabulous export. That is if the Biden’s would just leave it alone.
And acknowledge how much good the Nat gas fracking revolution has done for typical families all around the globe. but they won't. Because they are fact-free ideologues. What we should be doing is expanding our power base. Not contracting it. the U.S. and everywhere else in the world should seek a growthier and more prosperous economy. This requires more energy, not less. And the portfolio mix should be diversified. so-called all of the above.
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Renewables and carbons and nuclear, wind, solar, oil, gas, coal, hydro, and -- trumpets blaring -- nuclear! Everybody wants clean air and clean water. Everybody! All sensible people know that we have remaining issues and we can do better. But we've already done a lot. Not through socialist government central planning. But through private entrepreneurial innovation and invention.
Shumpert Gales of creative instruction at work in a free economy with incentives. The far-left greenies are in complete denial about the potential successes of nuclear power. That's a pity. Because the nuclear track record, even with some very bad mistakes is still very good in the long run. And of course, the technology is ever-improving.
But right now 80% of the world's energy is carbon-based. 80%. And that is not going to change dramatically in the next 10 years and beyond. And attempts to force radical change by ending fossil fuels will create enormous economic damage to the entire world. And face it. Wind and solar is not near as reliable as Nat gas and nuclear.
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Face it! The existential threat is a Bidenesque attempt to kill fossil fuel -- will destroy the American economy and totally impoverish the middle class, and the poor who need cheap and plentiful power. This climate change idiocy is a laughing stock. Putin and Xi are not even going to Scotland.
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The G-20 couldn't make a deal China's biggest power source is coal. Russia is oil and gas. India’s a huge polluter. the African sub-continent is not going to rely on wind and solar when they have plenty of oil and gas and coal available. nor should U.S. leaders allow less developed countries to shake down the large economies for hundreds of billions of dollars of government-to-government foreign aid in the name of climate change which will be completely abused.
Count on it. The G-20 and other world leaders should be emphasizing growth and prosperity. that means more power. Lower taxes. Fewer regulations. The fact is in just recent days, these meetings in Rome and Glasgow are doing the reverse. It is total insanity.
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Save America. Kill the bill. Kill it here and kill it globally. Stop the G20's assault on growth and prosperity. And that's my riff.
This article is adapted from Larry Kudlow's opening commentary on the November 1, 2021 edition of "Kudlow."