WSJ Opinion: Trump Takes Aim At Europe's Climate Policies

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.

The Covid-19 pandemic has whittled away two years of economic development. It has also made it difficult for countries worldwide to adhere to 2030 Sustainable Development Goal (SDG) targets. The world pledged to, among other things, end extreme poverty, ensure universal healthcare and provide education for all children by 2030.

Phasing out fossil fuel subsidies is an obvious target for the world’s next development goals.

The world spends $548 billion subsidizing fossil fuels, mostly in developing countries. A disproportionate share of the subsidies goes to the middle class and the rich – after all, they are the ones who can afford a car in poor countries.