Science and the market, not socialism, will fix climate change – Telegraph.co.uk

Emissions also fell under Mr Trump, contrary to the assumption that a deregulatory agenda is bad for the environment, and Mr Biden inherits a market in which green innovations, such as electric cars, are rapidly emerging. Consumer attitudes have adjusted; crucially, the technology has moved on (Lithium-ion battery pack prices, for example, fell 89 per cent over the past decade).

Capitalism, in other words, can be good for the environment, and it would be a huge error to conflate addressing climate change with socialism when, as with any other period of industrial change, it is the market that will be the engine of innovation. Smashing the windows of HSBC, as Extinction Rebellion activists did yesterday, pathetically misreads the situation, along with corporate attitudes towards ecology. Banks will be at the heart of financing the technology needed to address climate change without destroying our living standards.

It is easy for politicians to set targets. More useful would be to explain how we are going to create the economic conditions that encourage technologicaldevelopment. Britain, and the rest of the world, already faces an uphill struggle to recover from the pandemic: the threat of an even higher burden in the form of, say, higher green taxes is a terrible mistake. They should be green tax credits instead. To succeed, this revolution must be powered by the private sector, not the dead hand of the state, which has failed to achieve so many of its social goals before.

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Science and the market, not socialism, will fix climate change - Telegraph.co.uk

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