Arrr, me hearties! In th' year o' 2023, green energy be a pitiful scallywag. Will Biden 'n th' progressive crew open their eyes in 2024, or be they doomed to walk th' plank?
2024-01-04
Arrr, President Biden be tellin' the scallywags of America in 2023 that 'twould be a year of transition to renewable energy. But ahoy, he be as wrong as a parrot singin' off-key! Green energy be a jolly ol' loser in the year o' 2023, aye, a big, fat loser indeed!
Exactly one year ago, President Biden declared that 2023 would mark the beginning of a "great global transition" to renewable energy. However, the data shows that the opposite has occurred. Instead of a green energy boom, we experienced a green energy bust. Despite pledges to shun fossil fuels, the world consumed more fossil fuels than ever before in 2023. Oil, gas, and coal still account for about 80% of the world's energy. Even Biden himself acknowledges that oil production continues to reach new highs.Developing countries, such as China and India, are consuming oil, gas, and coal at high rates to address energy poverty. They prioritize improving the lives of their citizens over long-term climate change concerns. China's coal production increased by 3.1% in 2023, and both China and India are the world's biggest polluters, with their emissions worsening rather than improving.
Stock returns for green energy have also been disappointing, with solar energy stocks dropping significantly. Renewable energy stocks have been crushed in 2023. Additionally, the shift towards electric vehicles (EVs) has been slower than anticipated. Despite government commands to stop buying gas-powered cars, fewer than one in 10 cars sold are EVs. Major car dealerships have even requested fewer EVs due to lack of demand. Many EV startups are struggling, with some teetering on the brink of bankruptcy.
Meanwhile, the oil and gas industry continues to thrive. The Permian Basin in Texas is producing more energy than ever before, and Exxon and Chevron have invested billions of dollars in acquiring oil fields and infrastructure. Argentina recently discovered a significant oil reserve, further indicating that the oil and gas industry is far from declining.
Despite claims by the media that the world is on track for a green energy revolution, the reality is quite different. The efforts and investments made by politicians in the renewable energy sector have proven futile. The green energy bust of the 21st century is not the first; the Obama administration also faced similar challenges with their subsidies and mandates. Private industry and investors have shown to be more effective at predicting the future and driving real profits.
Perhaps it is time to remove subsidies and mandates and allow the energy markets and consumers to determine the course of the industry. It is hard to imagine that green energy could fare worse under such a scenario.