The Wall Street Journal examines the price of global warming policy and the effect on standards of living.
Reforms to climate-change policy—to focus on research, adaptation and resilience—have been a good idea for some time. With so many other financial and economic challenges facing European economies they are becoming absolutely essential. The only question now is how long the politicians can hold out against a skeptical public that is footing a growing bill in the name of climate-change virtue.
That's because nuclear energy and carbon capture-and-storage will take too much time to expand on a large scale, solar remains comically expensive and ill-judged in cloud-drenched Britain, and onshore wind energy faces geographic limitations and local resistance. The government is left with investing in extremely expensive offshore wind energy.