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Two years after the Paris climate Agreement was signed, the French capital this month again attracted the world's good and great, who gathered for President Emmanuel Macron's One Planet Summit.The Intergovernmental Panel on Climate Change, the U.N.'s climate panel, estimates that in about 60 years, global warming will cost the planet between 0.2 percent and 2 percent of GDP.Right now, the net cost of global warming is actually close to zero. The best estimates thus show that global warming right now has about a zero net cost.The climate policies lauded in Paris are essentially high-cost, low-effect gestures. The European Union will devote 20 percent of its budget this year to climate-related action. Taking into account the total cost to the economy, the EU's bill will likely be around 209 billion euros ($240 billion).Another peer-reviewed study shows that each dollar spent on EU climate policies will generate a total long-term climate benefit of just 3 cents. And, despite the cheer coming from France, the Paris accord is just as off-balance: At a $1-2 trillion annual cost, the United Nations itself estimates that it is on track to achieve 1 percent of what would be needed to keep temperature rises under 2 degrees Celsius.
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