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Economy

The people will reject the globalist ‘climate’ agenda

Published

15 minute read

From the Fraser Institute

By Ross McKitrick

” representatives of governments worldwide endorsed policies that will, if implemented, do extraordinary harm to their own people. Where governments have made even small attempts to take these radical steps, the public has revolted. This calls into question whom the COP28 delegates “represent.” “

It’s tempting to dismiss the outcome of COP28, the recent United Nations climate change conference in the United Arab Emirates, as mere verbiage, such as the “historic” UAE Consensus about transitioning away from fossil fuels. After all, this is the 28th such conference and the previous ones all pretty much came to nothing. On a chart showing the steady rise in global total CO2 emissions since 1950 you cannot spot when the 1997 Kyoto Protocol entered into force (2002), with its supposedly historic language binding developed countries to cap their CO2 emissions at five per cent below 1990 levels by 2012. Likewise, the 2015 Paris Agreement contained historic language binding countries to further deep emission reductions, yet the COP28 declaration begins (paragraph I.2) with an admission that the parties are not complying.

Nonetheless we should not overlook the real meaning of the UAE Consensus. COP agreements used to focus on one thing—targets for reducing greenhouse gases. The UAE Consensus is very different. Across its 196 paragraphs and 10 supplementary declarations it’s a manifesto of global central planning. Some 90,000 government functionaries aspire, in their own words, to oversee and micromanage agriculture, finance, energy, manufacturing, gender relations, health care, air conditioning, building design, and countless other economic and social decisions. It’s supposedly in the name of fighting climate change, but that’s just the pretext. Take it away and they’d appeal to something else.

After all, the climate change issue doesn’t necessitate these plans. Economists have been studying climate change for many decades and have never considered it grounds to phase out fossil fuels, micromanage society, etc. Mainstream scientific findings, coupled with mainstream economic analysis, prescribes moderate emission-pricing policies that rely much more on adaptation than mitigation.

The fact that the UAE Consensus is currently non-binding is beside the point. What matters is what the COP28 delegates said they want to achieve. Two facts stand out—the final consensus document announced plans that would cause enormous economic harm if implemented, and it was unanimously approved by everyone in the room.

The first point is best illustrated by the language around eliminating fossil fuels. Climate policy is supposed to be about optimally reducing greenhouse gas (GHG) emissions. As technology develops to decouple emissions from fuel use, there may eventually be no need to reduce the latter, but activist delegates insisted on the language anyway, making it an end in itself. Fossil fuels are essential for our economic standard of living, and 30 years of economic analysis has consistently shown that despite GHG emissions, phasing them out would do far more harm than good to humanity. Yet the Consensus statement ignored that, even while claiming to be guided by “the science.”

The second point refers to the fact that representatives of governments worldwide endorsed policies that will, if implemented, do extraordinary harm to their own people. Where governments have made even small attempts to take these radical steps, the public has revolted. This calls into question whom the COP28 delegates “represent.” Other than a few elected officials, we didn’t vote for any of them. And even if some heads of state go to a COP meeting intending to oppose the overall agenda, they would not be able to stop it and would be browbeaten into signing the final package.

The UAE Consensus is the latest signal that the real fault line in contemporary society is not right versus left, it’s the people versus (for lack of a better word) the globalists. A decade ago this term was only heard on the conspiracy fringe but has since migrated towards the mainstream as the most apt descriptor of an enormous and influential transnational permanent bureaucracy, which aspires to run everything, even to the public’s detriment, while insulating themselves from democratic limits.

A hallmark of globalists is the way they exempt themselves from rules they want to impose on everyone else. COP28 and Davos meetings perfectly illustrate this—thousands of delegates flying in, many on private jets, to be wined and dined while telling everyone else to learn to do without.

In the cases of both COVID-19 and climate change, the same elite has proven itself to be adept, not at using science to support good decision-making, but at invoking “the science” as a talisman to justify everything they do including censoring public debate. Complex and uncertain matters get reduced to dogmatic slogans by technocrats who ensure political leaders are force fed a narrow one-sided information stream. Experts outside the process are accorded standing based solely on their obeisance to the preferred narrative, not their knowledge or qualifications. Critics are attacked as purveyors of “misinformation” and “disinformation,” and so the existence of opposition to government plans becomes proof of the need to suppress free speech.

But eventually the people get the last word. I am struck, in this context, that despite nonstop fearmongering about an alleged climate crisis, the public tolerates climate policy only insofar as it doesn’t cost anything.

The climate movement might think that by embedding itself in the globalist elite it can accelerate policy adoption without needing to win elections. I think the opposite is happening. The globalists have coopted the climate issue to sell a grotesque central planning agenda that the public has repeatedly rejected. If the UAE Consensus is the future of climate policy, its failure is guaranteed.

It’s tempting to dismiss the outcome of COP28, the recent United Nations climate change conference in the United Arab Emirates, as mere verbiage, such as the “historic” UAE Consensus about transitioning away from fossil fuels. After all, this is the 28th such conference and the previous ones all pretty much came to nothing. On a chart showing the steady rise in global total CO2 emissions since 1950 you cannot spot when the 1997 Kyoto Protocol entered into force (2002), with its supposedly historic language binding developed countries to cap their CO2 emissions at five per cent below 1990 levels by 2012. Likewise, the 2015 Paris Agreement contained historic language binding countries to further deep emission reductions, yet the COP28 declaration begins (paragraph I.2) with an admission that the parties are not complying.

Nonetheless we should not overlook the real meaning of the UAE Consensus. COP agreements used to focus on one thing—targets for reducing greenhouse gases. The UAE Consensus is very different. Across its 196 paragraphs and 10 supplementary declarations it’s a manifesto of global central planning. Some 90,000 government functionaries aspire, in their own words, to oversee and micromanage agriculture, finance, energy, manufacturing, gender relations, health care, air conditioning, building design, and countless other economic and social decisions. It’s supposedly in the name of fighting climate change, but that’s just the pretext. Take it away and they’d appeal to something else.

After all, the climate change issue doesn’t necessitate these plans. Economists have been studying climate change for many decades and have never considered it grounds to phase out fossil fuels, micromanage society, etc. Mainstream scientific findings, coupled with mainstream economic analysis, prescribes moderate emission-pricing policies that rely much more on adaptation than mitigation.

The fact that the UAE Consensus is currently non-binding is beside the point. What matters is what the COP28 delegates said they want to achieve. Two facts stand out—the final consensus document announced plans that would cause enormous economic harm if implemented, and it was unanimously approved by everyone in the room.

The first point is best illustrated by the language around eliminating fossil fuels. Climate policy is supposed to be about optimally reducing greenhouse gas (GHG) emissions. As technology develops to decouple emissions from fuel use, there may eventually be no need to reduce the latter, but activist delegates insisted on the language anyway, making it an end in itself. Fossil fuels are essential for our economic standard of living, and 30 years of economic analysis has consistently shown that despite GHG emissions, phasing them out would do far more harm than good to humanity. Yet the Consensus statement ignored that, even while claiming to be guided by “the science.”

The second point refers to the fact that representatives of governments worldwide endorsed policies that will, if implemented, do extraordinary harm to their own people. Where governments have made even small attempts to take these radical steps, the public has revolted. This calls into question whom the COP28 delegates “represent.” Other than a few elected officials, we didn’t vote for any of them. And even if some heads of state go to a COP meeting intending to oppose the overall agenda, they would not be able to stop it and would be browbeaten into signing the final package.

The UAE Consensus is the latest signal that the real fault line in contemporary society is not right versus left, it’s the people versus (for lack of a better word) the globalists. A decade ago this term was only heard on the conspiracy fringe but has since migrated towards the mainstream as the most apt descriptor of an enormous and influential transnational permanent bureaucracy, which aspires to run everything, even to the public’s detriment, while insulating themselves from democratic limits.

A hallmark of globalists is the way they exempt themselves from rules they want to impose on everyone else. COP28 and Davos meetings perfectly illustrate this—thousands of delegates flying in, many on private jets, to be wined and dined while telling everyone else to learn to do without.

In the cases of both COVID-19 and climate change, the same elite has proven itself to be adept, not at using science to support good decision-making, but at invoking “the science” as a talisman to justify everything they do including censoring public debate. Complex and uncertain matters get reduced to dogmatic slogans by technocrats who ensure political leaders are force fed a narrow one-sided information stream. Experts outside the process are accorded standing based solely on their obeisance to the preferred narrative, not their knowledge or qualifications. Critics are attacked as purveyors of “misinformation” and “disinformation,” and so the existence of opposition to government plans becomes proof of the need to suppress free speech.

But eventually the people get the last word. I am struck, in this context, that despite nonstop fearmongering about an alleged climate crisis, the public tolerates climate policy only insofar as it doesn’t cost anything.

The climate movement might think that by embedding itself in the globalist elite it can accelerate policy adoption without needing to win elections. I think the opposite is happening. The globalists have coopted the climate issue to sell a grotesque central planning agenda that the public has repeatedly rejected. If the UAE Consensus is the future of climate policy, its failure is guaranteed.

conflict

How Iran Could Shake Up Global Economy In Response To US Strikes

Published on

 

From the Daily Caller News Foundation

By Audrey Streb

Iran is reportedly weighing blocking a key commercial choke point known as the Strait of Hormuz, a move that could drive up energy costs in the U.S. and across the globe, according to energy sector experts who spoke with the Daily Caller News Foundation.

Israel began to bombard Iran to eliminate the Islamic Republic’s ability to build a nuclear weapon on June 13, and the U.S. carried out “Operation Midnight Hammer” on Saturday night, bombing three of Iran’s nuclear facilities. While Iran’s parliament has reportedly voted to close the Strait of Hormuz in a retaliatory move to choke the world’s oil supply in response to the American strikes, the U.S. is well-positioned to combat the inevitable energy cost spike that would follow if Iran succeeds, sector experts told the DCNF.

“The escalating conflict between Iran and Israel is already putting upward pressure on oil and natural gas prices—and that pressure will intensify if the Strait of Hormuz is blocked,” Trisha Curtis, an economist at the American Energy Institute, told the DCNF. “This kind of disruption would send global prices higher and tighten supply chains. Fortunately, the U.S. is well-positioned to respond — our domestic production strength and growing export infrastructure make American oil and natural gas increasingly indispensable to global markets.”

Iran does not have the legal authority to halt traffic through the strait, meaning it would need to usurp control through force or the threat of force, according to legal scholars and multiple reports. The Iranian parliament’s reported move to block the Strait on Sunday awaits final approval by Iran’s Supreme Council, according to Iran’s Press TV.

The Strait is only 35 to 60 miles wide and connects the Persian Gulf to the Indian Ocean, flowing past Iran, the United Arab Emirates and Oman. The thoroughfare is vital for global trade, as tankers carried one fifth of the world’s oil supply through the Strait of Hormuz in 2024 and the first quarter of 2025, according to data from the U.S. Energy Information Administration.

Roughly 20 million barrels of oil pass through the Strait of Hormuz on a daily basis, Curtis noted. Some liquified natural gas (LNG) exports would also be blocked if the Strait of Hormuz were closed, she said.

Iran has reportedly been warning that it could close the strait for weeks, with one Iranian lawmaker and a member of the parliament’s National Security Committee presidium both quoted as saying that Iran could respond to enemy attacks by disturbing the West’s oil supply. Maritime agencies and the U.K. Navy have advised ships to avoid the Strait in recent weeks, given the potential threat.

Other energy experts pointed to how the Russia-Ukraine war led to a worldwide spike in energy costs.

“Energy markets do not like war — they particularly do not like war in the Middle East,” Marc Morano, author and the head of Climate Depot told the DCNF. Morano noted that the impact of the war did not immediately spike energy costs in the U.S. and abroad, though further escalation could spike them — especially Iran moving to block the Strait. “Even rumors of a blockade could instill fear into energy markets and drive prices up,” Morano said.

Despite the threat of shipping through the Strait of Hormuz being blocked, the U.S. has some cushion, given that it is a net exporter of oil and gas, according to energy sector experts.

President Donald Trump has promoted a pro-energy-growth agenda that paves the way for domestic oil and gas expansion, which positions the U.S. to withstand intense conflict escalations or even the closure of the Strait, energy sector experts told the DCNF.

Such a blockage would make US oil and gas exports more important. It underscores the importance of Trump’s agenda — to open Alaska and other areas to energy production, to speed up infrastructure permitting, and to increase exports to our allies,” director of the Heritage Foundation’s Center for Energy, Climate, and Environment Diana Furchtgott-Roth told the DCNF.

Though the U.S. still imports oil from some nations in the Middle East, including those that use the Strait of Hormuz, the U.S. has the capacity to become the dominant oil producer, energy sector experts told the DCNF.

If Iran were to close the Strait it would amount to “economic suicide” as the nation’s economy is reliant on Hormuz, both Vice President JD Vance and Secretary of State Marco Rubio said in interviews on Sunday.

James Taylor, president of the Heartland Institute, told the DCNF that any disruption in the oil markets would lead to price increases, which only highlights the need for pro-energy policies domestically.

“It is very important for American policymakers to support rather than impede American oil production because America, as a dominant energy producer, will be largely immune to such political crises,” Taylor said. “In fact, if America is a dominant oil producer and Iran takes steps to shock the oil markets, America would benefit and Iran’s nefarious plan would backfire.”

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Business

Outrageous government spending: Canadians losing over 1 billion a week to interest payments

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By Franco Terrazzano

Massive borrowing, soaring interest charges unacceptable

The Canadian Taxpayers Federation is calling on the federal government to cut spending following Thursday’s Parliamentary Budget Officer report showing debt interest charges cost taxpayers $54 billion in 2024-25.

“The PBO report shows debt interest charges cost taxpayers more than $1 billion every week,” said Franco Terrazzano, CTF Federal Director. “Massive deficits mean interest charges cost taxpayers more than the feds send to the provinces in health transfers.”

The PBO projects the federal government’s deficit to be $46 billion in 2024-25.

Interest charges on the federal debt cost taxpayers $54 billion in 2024, according to the PBO’s Economic and Fiscal Monitor. For comparison, the federal government spent $52 billion through the Canada Health Transfer in 2024, according to the Fall Economic Statement. That means the government spent more money on debt interest payments than it sent to the provinces in health-care transfers.

A separate PBO report projects debt interest charges will reach $70 billion by 2029.

A recent Leger poll shows Canadians want the federal government to cut spending (45 per cent) instead of increasing spending (20 per cent) or maintaining current spending levels (19 per cent).

“Borrowing tens of billions of dollars every year is unaffordable and unacceptable,” Terrazzano said. “Canadians want

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