Will the net zero fantasies of the climate cultists proceed at full speed until they crash into a wall of physical reality? Or instead will these fantasies gradually retreat as governments respond to voter pressure over costs and convenience, and as investors pull back as it becomes clear that projects cannot succeed financially?
J.P. Morgan Chase and State Street have "Pulled all funds" from Climate Action 100+ commitments, while their even larger colleague Black Rock "Reduced its holdings and scaled back its ties to the group." Miltimore cites a New York Times article from February quantifying the various withdrawals: "All told, the moves amount to a nearly $14 trillion exit from an organization meant to marshal Wall Street's clout to expand the climate agenda." $14 trillion is a big number in anybody's book.
He describes the parliamentary election results as a "Greenlash" against various Green parties, and particularly notes the disastrous result for the German Greens: "In Germany, the core country of the European green movement, support for the Greens plunged from 20.5 percent in 2019 to 12 percent." He then collects a list of various climate-related regulatory initiatives that have either stalled or gotten rescinded in the EU, including: new restrictions on the use of pesticides; proposed bans on PFAS; restrictions on new industrial emission,; and a new deforestation law.
New York remains well behind Europe in actually implementing the energy transition fantasy.
New York is expected to ramp up renewable energy production in the coming years, but it's unlikely to meet a key climate target, according to an official review released last week.
The state's climate law, passed in 2019, mandates that New York obtain 70% of its electricity from renewable sources like wind and solar by 2030, which would significantly help curb the state's climate-warming emissions.
New York will likely have generated only enough renewable energy to meet around 45% of its electricity needs by the end of the decade, falling far short of its commitment, according to the review by the Department of Public Service and the state energy authority.
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