Climate Initiatives largely a Waste of Time and Money

_{A newly released study has raised new questions about the effectiveness of climate policies and found that out of 1,500, just 63 played a positive role in reducing greenhouse gas emissions from 1998 to 2022.}

_{The Wall Street Journal, citing the study, which was conducted by the Berlin-based Mercator Research Institute on Global Commons and Climate Change, reported that these policies were generally ineffective unless governments combined subsidies with a price-based strategy to change consumer behavior. “This means carbon pricing, and it could be energy taxes, it could be vehicle taxes,” Nicholas Koch, a senior researcher at the agency, told the paper.}

_{Koch Is a co-author of the study that was published last week in the journal Science. The study examined policies employed by 41 countries and used an AI algorithm “to sift through a database of environmental prescriptions compiled by the organization for Economic Cooperation and Development.” The report said the most effective strategy for governments was to combine financial incentives, regulations, and taxes.}

_{“Our findings demonstrate that more policies do not necessarily equate to better outcomes. Instead, the right mix of measures is crucial. For example, subsidies or regulations alone are insufficient; only in combination with price-based instruments, such as carbon and energy taxes, can they deliver substantial emission reductions,” Koch said.}

_{Together, the 63 policies that worked managed to cut emissions by between 0.6 and 1.8 gigatonnes (Gt) of CO2 equivalent. Annika Stechemesser, a co-author and researcher at the Potsdam Institute for Climate Impact Research in Germany, told Nature that using the right mix of policies is more important than using a lot of policies. The study found that policies that label appliances or cars “energy efficient” or imposing new vehicle taxes were not as effective without a cocktail of incentives or penalties.}

_{Governments decide the best option is to subsidize the purchase of EVs, but the impact is considered minimal because of the fact that there are not many electric cars on the road. The WSJ noted that countries have invested heavily into green technology. The Biden administration’s 2022 Inflation Reduction Act approved $28 billion in subsidies, the paper noted. More than 190 countries agreed to the 2015 Paris agreement to reduce carbon emissions.}

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