Utopia, you are standing in it!

By Paul Homewood

h/t Robin Guenier

They make it absolutely clear that they have no intention at all of rushing to Net Zero, just to please the West:

https://static.pib.gov.in/WriteReadData/specificdocs/documents/2021/oct/doc2021101821.pdf

By Paul Homewood

https://www.cityam.com/uk-green-jobs-25-times-faster-hit-target-job-site/

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Below is the Press Release from Indeed, the company who prepared the analysis:

GOVERNMENT’S GREEN JOBS REVOLUTION NEEDS TO SPEED UP BY 25 TIMES TO HIT TARGET

• UK green jobs need to be created 25 times faster than the current pace^[1] to hit the Government’s target of 440,000 by 2030^[2], according to analysis by the world’s largest job site Indeed
• Ministers have announced sweeping new targets for homes and vehicles in a bid to reach its net zero commitments, but Indeed analysis shows the Green Industrial Revolution could be “tripped up” by the acute lack of green workers
• Salaries below the UK average persist in many of the most common green jobs^[3], while the North East of England and Wales have the highest concentrations of workers in the green economy^[4]

A carbon dividend takes the revenue from auctions of emissions units for the ETS and gives it back to households. This year, the sale of emissions units will raise around $1.3 billion.* That is around $750 per household.

The following two charts show a) low-income households spend more of their incomes on carbon than other households, but b) have a smaller carbon footprint.

Source: Figure 4.3, Report 2.

Source: Figure 4.2, Report 2.

The charts come from a UK analysis by the London School of Economics. I know of no equivalent analysis for New Zealand, although these findings from Infometrics appear consistent.

So what does this mean?

Carbon pricing is generally thought to be regressive because low-income households spend a higher share of their incomes on goods and services which produce or lead to emissions.

However, a carbon dividend reverses this, making carbon pricing progressive. Giving…

In the sixteenth century, parliaments were not only summoned but also prorogued at the behest of the monarch. In this blog, Dr Andrew Thrush, editor of our Lords 1558-1603 project, discusses an exceptionally large but often overlooked number of prorogations that took place during the mid-Elizabethan period…

Before the Long Parliament of 1640-53, the Parliament of 1572-81 bore the distinction of being the longest in English history. It was even longer than one might suppose, as it was not formally dissolved until 1583. Unlike the Long Parliament, this assembly, the fourth of Elizabeth’s reign, did not sit continuously, but sat over three short sessions, in 1572, 1576 and 1581. These lasted just over seventeen weeks in total, meaning that the intervals before and after each session were considerably longer than the individual sessions themselves.

Or to give the book its full title, The Money Illusion: Market Monetarism, the Great Recession and the Future of Monetary Policy.

I was engrossed in the 2008/09 recession – and the associated financial crises – at the time it happened, as an official at the New Zealand Treasury, and it must have been very early in the piece that I started reading Professor Scott Sumner’s then new blog, also The Money Illusion. I’m not a regular reader now, but found much of what Sumner had to say about the conduct of monetary policy – mostly in the US – stimulating and thought-provoking, even (perhaps especially) when I didn’t end up agreeing. So I was keen buyer when his 400 page book appeared.

It is an interesting mixture of a book – partly textbook, partly personal intellectual autobiography, and partly a tract championing a different approach to policy…