Earlier this year, the Heritage Foundation’s Center for Data Analysis studied the Waxman-Markey cap and trade/energy tax legislation and found that it would cost Americans $9.4 trillion in aggregate GDP losses over the 2012-2035 time frame. This analysis included an assumption that Waxman-Markey would be rebating part of the energy tax back to consumers.
But then earlier this week we documented how climate negotiators in Europe, in conjunction with the Obama administration, were plotting to send those very same energy tax dollars overseas to developing countries like China and India.
Now a U.N. Report on Developing Nations’ Energy Needs details just how much money American tax payers will be sending to China and India as part of any international cap and trade climate change deal:
It will cost between $500 billion and $600 billion every year for the next 10 years to allow developing nations to grow using renewable energy resources, instead of relying on dirty fuels that worsen global warming, according to a United Nations report released Tuesday.
