By Vijay Jayaraj
We have read a lot about how the Ukraine conflict has raised energy prices in the international market. However, at the root of the ongoing energy crisis are unrealistic policies based on unscientific conclusions about climate, often drafted in posh European offices.
For years, energy markets across the globe have been able to withstand the pressure of anti-fossil fuel policies – in part because coal, oil and natural gas have made countries rich enough to do like that. Now, cracks are appearing even in the wealthiest countries like the United States, where the most vulnerable members of society are being hit hardest with high energy prices and shortages. deficit.
Many countries have accepted Net Zero, an unenforceable international requirement for essentially zero carbon dioxide emissions from human activity. Although unattainable, this mythical goal has spurred the climate-industrial complex to meet it. Advocates of politically correct technologies are pursuing government subsidies to fill the holes of wind turbines, solar panels, carbon capture, “green” hydrogen, ethanol, and so on. , etc
Net Zero implementation efforts will mostly cause financial damage, both businesses and individuals.
Consider the UK’s plans: The country already has a dire energy situation, demand “Add 400% more wind power by 2030 to meet interim climate goals… and that will require seven times more infrastructure than what has been built in the last 32 years.” All this effort and money won’t affect the climate but will wreak havoc on economies.
Even small steps in this fool’s errand will cost dearly. “No average person can spend $30,000 on solar panels,” speak Energy analyst Max Gagliardi. “They can’t even afford bread, milk and meat at the grocery store right now. The ‘energy transition’ message is no longer relevant at this time.”
The economic pressures on people in developing countries are even more severe. “Emerging and developing countries are most vulnerable to soaring energy prices,” speak International Energy Agency Executive Director Fatih Birol. “Those that will be hardest hit include oil-importing countries in Africa, Asia and Latin America because of higher import prices and weaker currencies.”
The World Bank notes that “prices of coal, oil and natural gas have risen sharply. In nominal terms, the price of crude oil increased by 350% from April 2020 to April 2022 – the largest increase in any comparable two-year period since the 1970s. Meanwhile, coal prices and gas have all reached historic highs in nominal terms.”
Developing countries pass this cost on to customers, leading to higher prices for energy and other essential commodities. Meanwhile, people’s income has not increased commensurately. So even if a country does not adopt Net Zero, the people of that country will suffer because they are subject to the reality of supply and demand of the international market.
The fact that these countries have some of the highest levels of impoverishment further enhances the impact of price increases – in some cases, a literal fatal blow to those living below the poverty line. 2 dollars a day.
“We are in the midst of the first truly global energy crisis,” said Birol. “Our world has never seen such a deep and complex energy crisis as this.”
If they have any regard for the well-being of families, leaders in the West must abandon their obsession with destructive policies that are taking a toll on lives around the world.
This comment is the first published at Reviews on BizPac, November 15, 2022 and can be accessed here.
Vijay Jayaraj is a research associate at CO2 Alliance, located in Arlington, Virginia. He holds a master‘He holds a degree in environmental science from the University of East Anglia, UK and resides in India.
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