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Winds of Vanity

COPENHAGEN – Copenhagen, Denmark’s capital, wants to be the world’s first CO2-neutral city by 2025. But, as many other well-meaning cities and countries have discovered, cutting CO2 significantly is more difficult than it seems, and may require quite a bit of creative accounting.

More surprisingly, Copenhagen’s politicians have confidently declared that cutting CO2 now will ultimately make the city and its citizens wealthier, with today’s expensive green-energy investments more than paying off when fossil-fuel prices rise. But how can deliberately limiting one’s options improve one’s prospects? These sound more like the arguments of green campaigners – and they are most likely wrong.