The irresistible force meets the immovable object
- Green deals and Green activism meant higher energy prices, higher taxes, immiseration of the less well-off, and harshly puritan lifestyles for the rest of us.
- The smash-up has come sooner than expected, and it will be harsher because of the Russo-Ukraine war and sanctions imposed on Russia and the E.U. in response to it.
Overspending
- Governments have neglected to invest enough in energy security because they consciously preferred to invest in transitioning from fossil fuels to renewable forms of energy
- The upshot of which is that almost all the West's governments face slightly different versions of two serious problems: uncertain energy supplies, and existing high indebtedness
- Germany is facing a serious crisis of its fundamental economic model in the post-Ukraine world
- Similarly, because Britain neglected nuclear investment-its target of 25 percent of energy from nuclear power stations will be reached in 2050!-the country is heavily dependent on imported natural gas which it needs to solve the renewables’ “intermittency problem”
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