Net Zero Policies Benefit the Wealthy at the Expense of the Poor: Rupert Darwall
The former special adviser to the chancellor is cautioning that aggressive decarbonization in pursuit of net zero is hurting the economy’s productive potential.
A prominent policy analyst argues that net zero policies primarily benefit the ultra-wealthy while depriving those lower down the social ladder of opportunities for advancement.
According to Mr. Darwall, the British economy has struggled to grow productively since the financial crisis of 2008, coinciding with the passage of the Climate Change Act that mandates achieving net zero greenhouse gas emissions by 2050.
He emphasized the diversion of significant capital into low to negative-yielding assets like wind and solar power generation, due to the aggressive decarbonization policies enforced by the government.
Mr. Darwall firmly stated, “Mandating aggressive decarbonization undoubtedly undermines the economy’s capacity for productivity.”
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The former Treasury special adviser underscored that “environmentalism is a more radical ideology than Marxism.”
Billionaires
He criticized the net zero movement for maintaining the existing social hierarchy without challenging it.
Highlighting prominent figures like King Charles III, former New York Mayor Michael Bloomberg, and Bill Gates, Mr. Darwall pointed out their extravagant displays of eco-friendliness.
While the ultra-wealthy can afford environmentally conscious gestures like investing in carbon capture technology, Mr. Darwall argued that such practices do not translate well for the average individual.
Characterizing green policies as “ethics for the super wealthy,” he expressed concerns about the detrimental impact on industries like steelmaking and oil refineries in Britain.
He warned of the impending decline of the British automotive sector due to stringent regulations pushing for electric vehicle production quotas.
‘Deep Growth Trap’
A critical view was presented by Mr. Darwall on the wind industry’s inflated cost claims and the potential consequences of failing to meet net zero targets.
He painted a grim picture of endless austerity and high tax rates resulting from green policies, leading to a significant hindrance in both public and private investments in Britain.
Concerns about the country’s deep growth trap were raised, indicating a bleak future if the current trajectory towards net zero is pursued relentlessly.
