Hysteria and greed make expensive energy policies that won’t save the planet

Those pushing for more action — and more money — to reduce greenhouse gas emissions are a lot like Dr. Smith on the 1960s TV series Lost in Space: “We’re doomed, I say!”

Last week, President Joe Biden claimed that climate change “is literally, not figuratively, a clear and present danger.” United Nations Secretary-General António Guterres has stated that we have only eight years to save the planet or else the world will commit “mass suicide”.

the world suffers fromClimate emergency” And the “climate disaster. Every heat wave, storm, flood, drought, and blizzard is no longer caused by the weather but instead is irrefutable evidence of our impending demise.

Those who are overcome by hysteria cannot think or act rationally. However, politicians and policymakers, including Biden, are intent on fanning more fires, as are the serial arsonists.

The reason is simple: money.

Many politicians certainly understand that the brutal policies they seek — bans on fossil fuel production, compulsory electrification of homes and businesses, mandatory adoption of electric cars and complete reliance on wind and solar power — will not work, let alone save the planet.

President Joe Biden speaks in the Rose Garden of the White House in Washington, Wednesday, July 27, 2022.
Biden said climate change “literally, not figuratively, poses a clear and present danger” last week.
AFP/Susan Walsh

Last Statistical review of BP Global Energy Shows that since 2000, the world CO2 Emissions increased by more than 10 billion metric tons – more than the combined emissions of North America and the European Union. China and India, which together account for nearly 40% of these emissions, build dozens of coal-fired power plants each year. In total, nearly 200 new coal-fired plants Under construction in Asiawhich will emit more than one billion tons of carbon dioxide2 every year.

Coal expansion is not limited to Asia. African countries want to significantly increase energy production. South Africa is completing construction of the 4,800-megawatt Kusile coal plant, as well as the completion of the Medupi plant of the same size last year, to curb the blackouts that have plagued the country for years.

With the rapid increase in natural gas prices in the world, other African countries are likely to turn to coal to meet their growing energy needs. No matter how draconian the energy policies of the United States and Europe are, developing countries will continue to build the energy resources they need.

So why should we pursue policies that would leave millions of people unmotivated and have no real impact on the climate? Because it is loaded with green energy subsidies, it provides nearly unlimited opportunities for self-enrichment to those who sell it.

Although it is one of the the most expensive Generating known resources, Biden issued an executive order to promote offshore wind development in the Gulf of Mexico and along the southeast coast. But offshore wind developers are almost entirely European companies, which will collect not only production tax credits, but a new 30% investment tax credit from Biden’s team. (Billions of other subsidies are also provided for electric vehicles and charging infrastructure, in addition to existing subsidies.)

Officials have even enacted legislation to quell local opposition to massive wind and solar power projects in rural counties, which benefits developers at the expense of their citizens. New York 2020 The law to accelerate the growth of renewable energy and the benefits of societyFor example, the courage of the state effectively Autonomy provisions. Introduced wind and solar energy developers Lawsuits against small rural communities, many of which lack the resources to respond.

Transportation Secretary Pete Buttigieg, center, speaks during a briefing at the White House in Washington, May 16, 2022
Pete Buttigieg said the Department of Transportation will use about $1 billion to address racial inequality in highway designs across the country.
AFP/Susan Walsh

Governments will spend billions of dollars to combat “environmental racism” like Transport Minister Pete Buttigieg Plans to target ‘racist’ highways. Biden’s budget suggests that the EPA spend billions more on it Compliance and awareness for victims of “environmental crimes”Few of them will provide any meaningful benefits – except for people in good relationships.

no wonder Bjorn Lomborg calls Doomsday crowd “Climate Industrial Complex”.

Within this week, the second-quarter GDP data is likely to show the US stagnating. Also due is the release of the latest consumer confidence figures, which have fallen over the past two months. The Federal Reserve raised interest rates again. Expensive and not financially viable green energy policies will only accelerate economic decline. Perhaps Dr. Smith was right after all.

Jonathan Lesser is president of Continental Economics and an associate fellow at the Manhattan Institute.