Green Economics: Spend €100bn to delay global warming by 37 hours

by on 18 March, 2014

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A great article by Bjorn Lomberg who explains precisely why renewable energy is all financial pain for virtually zero environmental gain. The article further reinforces why the Abbott Gov’t must cancel the RET scheme.

Via FT (Subscription required)

Quote

Germany’s energiewende, the country’s move away from nuclear and fossil fuels towards renewable energies has been regarded by some commentators as an example for the rest of the world. But now Germany shows the globe how not to make green policy. It is failing the poor, while protecting neither energy security nor the climate.

…German energy policy is an expensive way to achieve almost nothing. For solar alone, Germany has committed to pay subsidies of more than €100bn over the next 20 years, even though it contributes only 0.7 per cent of primary energy consumption. These solar panels’ net effect for the climate will be to delay global warming by a mere 37 hours by the end of the century, according to a report cited in Der Spiegel.

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