This paper, published by the Institut économique Molinari, gives a critical appraisal of the Kyoto protocol and the economic costs associated with it.
The document argues that the relevant enthusiasm for the protocol among environmentalists and politicians alike is unwarranted. This is due to the ‘disastrous economic consequences’ it may cause and the likely ‘insignificance’ of its impact on the climate. Since most activities producing goods and services involve the emission of greenhouse gases, higher prices and restrictions will lead to an ‘unprecedented’ decline in our quality of life. If the protocol were to be expanded to cover the entire world, countries already in difficulty would be condemned to chronic underdevelopment. It concludes by stating that the debate on global warming is not over. We must give further consideration to the nature of the phenomenon and the best means of combating it.
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