Instead of panicking, fight climate change with innovation

Across the world, politicians are going out of their way to promise fantastically expensive climate policies. US President Joe Biden has promised to spend US$500 billion each year on climate policies－about 13 percent of the entire federal revenue. And the European Union has vowed to spend 25 percent of its budget to combat climate change.

Most rich countries now promise to go carbon neutral by the middle of this century. Shockingly, only one country has made a serious, independent estimate of the cost: New Zealand found it would optimistically cost 16 percent of its GDP by then, equivalent to the entire current budget of the country.