Republican Louisiana Sen. John Kennedy grilled a climate witness on Wednesday after the witness said he believes Chinese President Xi Jinp...
Republican Louisiana Sen. John Kennedy grilled a climate witness on Wednesday after the witness said he believes Chinese President Xi Jinping would cooperate on climate issues.
Founding partner at Kepos Capital and chair of the Climate-Related Market Risk subcommittee Dr. Robert Litterman testified Wednesday during a hearing to consider “climate-related economic risks and their costs to the Federal Budget and the Global Economy.”
Kennedy first asked how much it would cost to go carbon neutral by 2050, with Litterman saying he was not sure.
“So you’re advocating we do these things, but you don’t know the ultimate cost?” Kennedy pressed.
“Yes, absolutely, I certainly don’t know the ultimate cost,” Litterman said.
Kennedy then asked another witness, President of the American Action Forum Dr. Douglas Holtz-Eakin, the same question, who estimated $50 trillion.
“If we spend $50 trillion … how much will that lower world temperatures?” Kennedy asked, with Holtz-Eakin saying he doesn’t know because it would be contingent on China.
Kennedy then asked Litterman who provided a similar answer, saying it’s about working with other countries, but Kennedy again pressed about the possibility of China and India not cooperating.
“If China and India do not help, I don’t know [how much lower temperatures would be],” Litterman said.
Kennedy then asked Litterman if he believes Xi would do anything “inconsistent with China’s best interests in the name of global climate change?”
“I understand that China has a federal carbon tax,” Litterman said before Kennedy again asked if China would do something that’s not in the best interest of China but rather the world.
Litterman said he believes Xi would cooperate.
“Do you believe in the Tooth Fairy?” Kennedy asked.
“No sir,” Litterman said.
“Do you believe in the Easter Bunny?” Kennedy responded.
“No sir.”
“Do you believe that Jimmy Hoffa died of natural causes?”
“No sir,” Litterman said.
President Joe Biden outlined in 2021 steps the federal government needs to take to achieve net-zero emissions by 2050, though questions about how it will be funded and its benefits have arisen.
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