Wednesday, June 27, 2018

The Color of Money

"Green" Europe steps up to fight global warming!

The European Union’s (EU) “go diesel” initiative of the mid-1990s is a perfect example [of the folly of government planning of the economy]. After years of negotiation, most countries (with the exception of the United States) signed the Kyoto protocol in 1997, which pledged the industrialized world to binding reductions of greenhouse gases. To meet their pledged twenty percent reduction in emissions, EU environmental planners pushed car manufacturers to invest heavily in fuel-saving diesel technology. But mass markets would subsequently reject diesel-powered cars. Contrary to the planners’ expectations, the diesel initiative did not lower automobile-fuel use or reduce greenhouse gases. Rather, it blanketed cities with air pollution, destroyed the value of used diesels, set back Europe’s car manufacturers in the international competition for a clean and fuel-efficient car, and created a powerful pro-diesel lobby that continues to exercise influence on regulators and bureaucrats throughout the European Union.

But for them, it was always better to look good on the environment than to be good on the environment.

Tip to Instapundit.