Recent experimental works demonstrated that the Anthropogenic Global Warming (AGW) hypothesis, embodied in a series of Intergovernmental Panel on Climate Change (IPCC) global climate models, is erroneous. These works prove that atmospheric carbon dioxide contributes only very moderately to the observed warming, and that there is no climatic catastrophe in the making, independent on whether or not carbon dioxide emissions will be reduced. In view of these developments, we discuss climate predictions for the XXIst century. Based on the solar activity tendencies, a new Little Ice Age is predicted by the middle of this century, with significantly lower global temperatures. We also show that IPCC climate models can't produce any information regarding future climate, due to essential physical phenomena lacking in those, and that the current budget deficit in many EU countries is mainly caused by the policies promoting renewable energies and other AGW-motivated measures. In absence of any predictable adverse climate consequences of carbon dioxide emissions, and with no predictable shortage of fossil fuels, we argue for recalling of all policies aimed at reducing carbon dioxide emissions and usage of expensive renewable energy sources. The concepts of carbon credits, green energy and green fuels should be abandoned in favor of productive, economically viable and morally acceptable solutions.