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The world’s elites once again took credit for saving the planet, and at the latest at COP28 they demonstrated a real commitment to the ‘transition’ away from fossil fuels. However, half of the participants wanted to settle for less and instead “phase out” completely.
of Fossil fuel haters seem to have forgotten.or rather choose to ignore, the enormous blessings bestowed on them thanks to abundant and affordable energy.
Very strong positive correlations exist between fossil fuel use and increases in GDP, income, wealth, life expectancy, and overall quality of life. That’s simply because fossil fuels have enabled countless technological advances.
Heavy power lines photographed at the Ivanpa solar power system in California’s Mojave Desert, near Primm, Nevada, on July 15, 2022. (George Rose/Getty Images)
The more access we have to cheap energy, the better our nation’s overall health and productivity. The reverse is also true.
The COP28 climate conference is more than just a Super Bowl of virtue-signalling.it’s actually damaging
Ironically, the very fuel that alarmists despise is the only source of energy that fuels their annual rally to denounce its use. COP28 attendance reached its peak This year, there were about 85,000 people, hundreds of whom flew in and out on private jets.
What is most harmful to the environment from fossil fuels are the policies many world leaders have enacted to restrict their use.
One of the biggest developments from the COP meeting was the 2015 Paris Climate Agreement. Over time, a net-zero movement emerged that seeks to replace fossil fuels with so-called green energy sources through heavy government subsidies. The results were devastating and expensive.
The current administration has done everything in its power to curb fossil fuel production and use. Pipeline cancellations, drilling moratoriums, permitting delays, stricter EPA rules, oil and gas surcharges, and plans to close coal-fired power plants.
Fossil fuels have hovered around 80% of total energy use for some time. World oil consumption continues to increase. It is unlikely that intermittent wind or solar power will quickly replace reliable fossil fuels.
Biden administration announces latest crackdown on oil and gas industry at UN climate change conference
States with strict renewable energy portfolio standards (RPS), which require a certain percentage of electricity to be renewable, often see the largest increases in utility rates due to high installation costs. Up to 50% higher than states without RPS.
North American Electric Reliability Corporation raises serious concerns in its latest long-term reliability assessment, saying “overly stringent environmental regulations” could cause power shortages and put the region at greater risk during times of high demand. he pointed out. The report emphasizes that “reliability is a top priority for energy policymakers, regulators and industry.”
Nine states have already experienced rolling blackouts in December 2022 as power demand exceeded supply during Elliott Winter Storm. Unreliable renewable energy was inadequate. Coal saved this storm and others, such as Uri, which nearly brought down Texas’ power grid.
Perhaps such a crisis could have been avoided if fossil fuels had not been restricted in the first place.
White House silent as oil production hits record; environmentalists call for green energy
Attempts are being made to force the sale of electric vehicles (EVs) through subsidies and mandates to eliminate gasoline-powered vehicles. This maneuver not only distorts markets and burdens taxpayers, it also forces us to rely on China for critical minerals that we refuse to extract here at home. The infrastructure needed to properly charge EVs at scale is also severely lacking.
As a result, demand for EVs has not been as strong as expected, and dealers are left with piles of inventory. Consumers are not selling them due to high cost, limited range, concerns about charging, and reduced capacity in cold regions. Automakers lost billions of dollars.
Everything is closely related to energy, and issues have huge implications that affect the entire economy.
Net-zero policies are the root cause of today’s energy crisis because they limit fossil fuel investment, production, and transportation. This artificially suppresses supply, leading to soaring prices and shortages. Inflation has reached its highest level in 40 years, while consumer confidence has hit a deep low. Anti-fossil fuel policies could cost the U.S. economy $100 billion a year.
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Such policies are regressive taxes on the poor who suffer the most. A large portion of their income is spent on energy, and some are forced to choose between buying food and paying their utility bills.
The real crime is to ban emerging countries from the same life-saving technologies and basic luxuries that we enjoy by banning the use of fossil fuels. One billion people live without electricity, often in harsh or dangerous conditions. Denying them cheap energy forces them to live in poverty and, in some cases, a death sentence.
Global spending on physical assets alone to achieve net zero is estimated to be $275 trillion between 2021 and 2050, or $9.8 trillion annually. Global GDP in 2022 was approximately $100 trillion.
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This is an astronomical amount to stop global temperature rise by just a few percent.
We need to promote access to affordable and reliable energy to foster economic growth and prosperity for all countries. Demonizing fossil fuels does more harm than good.
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