Despite much hype, the much-vaunted green energy transition away from fossil fuels isn’t happening.
Achieving a meaningful shift with current policies turns out to be unaffordable. We need to drastically change policy direction.
Globally, we are already spending almost $2 trillion annually to try to force an energy transition. Over the past decade, solar and wind energy use has increased to their highest-ever levels.
But it hasn’t reduced fossil fuels — on the contrary, we have added even more fossil fuels over the same time.
Countless studies show that when societies add more renewable energy, most of it never replaces coal, gas or oil. It simply adds to energy consumption. Recent research shows that for every six units of new green energy, less than one unit displaces any fossil fuel. Analysis in the United States shows that renewable energy subsidies simply lead to more overall energy being used.
In other words, policies meant to boost green energy are leading to more emissions.