The world is waking up to the fact that the climate policy goal of achieving “net-zero” CO2 emissions brings crippling economic pain. Fossil fuel prices shot up by 26 per cent across industrialized economies last year and will rise globally by another 50 per cent this year. Politicians blame Russia’s invasion of Ukraine, but the long-term trend stems mostly from governments demonizing fossil fuels while their societies remain dependent on them. Since the 2015 Paris climate agreement, global investment in fossil fuels has halved, inevitably driving up prices.
