In the annals of history, there have been countless tales of rulers and leaders who, in their hubris, believed they could command the very forces of nature. The ancient Roman god Jupiter, King of Gods, was believed to be above the fray of mere mortals, wielding power over the skies and storms. Fast forward to today, and we see a modern-day “Jupiter Effect” manifesting in the realm of energy and climate policy. The recent article by Tilak Doshi in Forbes titled “The Jupiter Effect: Climate Change Policy From On High” offers a scathing critique of the hubris displayed by today’s leaders in their approach to climate change policy.
“In ancient Roman mythology, Jupiter (Zeus in Greek mythology) was the King of Gods, above the fray of mere mortals and the lesser gods. Over the last few weeks, the Jupiter effect in energy and climate policy was evidenced twice over.”
The article highlights the audacity of leaders like President Emmanuel Macron, who, with a wave of his hand, asked the fuel industry to “sell at cost price, that is to say that no one makes a margin”. Similarly, California Governor Gavin Newsom’s recent legislative actions seem to be more about virtue signaling than practical solutions.
“What is it about imperious “green” rulers who inflict impossible rules on demonized fossil fuel businesses that undermine the very foundation of their existence – namely, their capacity to deliver profits for their shareholders – to “fight climate change”? The hubris of leaders who imagine that their punitive “decarbonization” actions can have even the slightest impact on climate change is breath-taking.”
The article rightly points out the irony of these leaders’ actions. On one hand, they demonize fossil fuel businesses, and on the other, they fail to recognize the foundational role these businesses play in the global economy. The constant peddling of electric vehicles, solar and wind power, and other “green” technologies, often amplified by a scientifically illiterate mainstream press, is overwhelming for the average person. Yet, the real-world implications of these policies are far from the utopian visions they promise.
“King Canute apocryphally commanded the incoming waves to halt and not wet his feet or cloak. As the waves inevitably drenched him, he said: “Let all men know how empty and worthless is the power of kings, for there is none worthy of the name, but he whom heaven, earth, and sea obey by eternal laws.” The humility and wisdom of Canute and his respect for eternal laws is evidently lost on the likes of Macron and Newsom.”
The article also touches upon the vilification of “Big Oil” and the misguided notion that these corporations are solely driven by greed. As Thomas Sowell aptly put it:
“I have never understood why it is ‘greed’ to want to keep the money you have earned but not ‘greed’ to want to take somebody else’s money.”
The push for electric vehicles (EVs) is another area where the article sheds light on the glaring inconsistencies in the green narrative. Despite massive government subsidies, unsold EV models are accumulating in showrooms, and the economic viability of these vehicles remains questionable.
“The hype over electric vehicles has become ever more threadbare. Unsold models are “piling up” in showrooms and dealer lots across the US despite massive government subsidies.”
Furthermore, the article highlights the impracticality of relying solely on renewable energy sources like wind and solar. The intermittent nature of these sources requires massive energy storage solutions, which are currently not viable on the scale required.
“The viability of mass scale battery storage was examined in a report published last month by The Royal Society of Great Britain. Examining 37 years of wind patterns, the learned Society concludes that mass-scale battery storage is not a viable proposition for the national grid powered by intermittent wind and solar sources.”
In conclusion, the “Jupiter Effect” in modern climate change policy is a stark reminder of the dangers of hubris. Leaders who believe they can command the forces of nature and the global economy with edicts and decrees are bound to face the harsh realities of the world. As Friedrich von Hayek wisely noted:
“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design”.
It’s high time our leaders took a page out of King Canute’s book and recognized the limits of their power. Only then can we hope for pragmatic and effective solutions real and not made up challenges we face.
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