The U.S. and China just announced they’re “committed to cooperating on climate change.” China contributes 30% of CO2 emissions in the world, twice that of the U.S. Together, they cause close to half of the carbon dioxide emissions that are causing climate change. India is a distant third, roughly half that of the U.S.
What does “committed to climate change” mean? We know roughly what that looks like in America: $4 trillion to upgrade the electrical infrastructure, replace fossil fuel power plants, and universal energy conservation upgrades to all commercial and residential buildings. Half of that $4 trillion will come from tax increases on businesses and the wealthy; however, a good portion will also come from gas and energy taxes, which will impact everybody. Higher taxes means lower profits for businesses, and zero investment in the kind of research and development needed to battle global warming.
In short: A major hit to the economy.
China is infinitely more dependent on industry than the U.S. That kind of taxation burden will weaken their central government and all their grandiose global ambitions. Cutting back on CO2 pollution in China is a direct assault upon their huge industrial base. Worse yet, China has no natural energy resources (oil, coal). The air pollution is so bad it’s like the whole nation is overcast all year – hence zero solar energy. China literally has no way to “transition away from fossil fuels.”
In short: China has no intention of reducing its carbon dioxide emissions.
Nobody in the world has the wherewithal, much less the gumption, to influence China. The U.S. is the only nation with the economic might; however, China owns so much of our debt – and the Democrats are depending on China to buy $2 trillion in Treasury Bills to finance their Green New Deal. Guess what? The White House has zero intention of leveraging China to reduce its CO2 emissions.
Bottom line? The only way China will ever reduce its CO2 emissions is if people stop buying their products: If investors stop buying shares in Chinese firms, and if blocks of investors (hedge funds, mutual funds, etc.) influence Chinese companies to go green, the same way Wall Street is putting the onus on all U.S. firms.
If you care about climate change, buy “Made in America” (or Europe, which is even more gung ho environmentally). Anywhere but China. Send them a message!
In other words, any product you purchase that’s made in China has twice the carbon footprint of the same item made in the U.S. Products made in India have half the carbon footprint of something made in the U.S. If it’s made in Europe, it has 1/4th the footprint of made in the U.S.