{"id":286408,"date":"2023-11-03T21:00:53","date_gmt":"2023-11-03T20:00:53","guid":{"rendered":"https:\/\/climatescience.press\/?p=286408"},"modified":"2023-11-03T21:00:57","modified_gmt":"2023-11-03T20:00:57","slug":"open-peer-review-green-energy-and-economic-fabulism","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=286408","title":{"rendered":"Open peer review \u2013 Green energy and economic fabulism"},"content":{"rendered":"\n
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The Inflation Reduction Act (IRA) has expanded the availability of subsidies for green energy, with direct
spending estimated to be over $1 trillion the next ten years. In addition to claims that these subsidies will
address climate change, a primary justification for this increased spending is the claim that it will increase
economic growth and provide millions of new jobs in green industries.<\/em><\/strong><\/p>\n\n\n\n

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From Watts Up With That?<\/a><\/p>\n\n\n\n

From the Global Warming Policy Foundation: We are keen to receive review comments for our new report which is now available for open review here<\/a>.<\/p>\n\n\n\n

Jonathan Lesser: Green energy and economic fabulism: The mirage of subsidy-propelled economic growth and employment<\/strong>.<\/p>\n\n\n\n

The Inflation Reduction Act (IRA) has expanded the availability of subsidies for green energy, with direct spending estimated to be over $1 trillion the next ten years. In addition to claims that these subsidies will address climate change, a primary justification for this increased spending is the claim that it will increase economic growth and provide millions of new jobs in green industries. The economic reality is far different.<\/em>

Given rising U.S. deficits, much, if not all, of the tax credits for green energy, especially wind and solar facilities, will be financed with additional debt.\u00a0The staggering amounts of money available, more than even was spent by the government during the Great Depression, will have long-lasting and adverse consequences on energy supplies, economic growth, and the well-being of the citizenry. The subsidies will further distort energy markets and raise energy prices. The subsidies will crowd out more productive private investment and reduce the resources available for more efficient energy resources, such as nuclear power. As in Europe, the subsidies will result in higher energy prices that will cause economic and job losses throughout the entire economy. These losses will far exceed the gains provided by the subsidies themselves.<\/em>

Although policy makers may choose to ignore basic economic principles in favor of political expediency and, in some cases, personal gain, those principles will not ignore them. Eventually, the profligate spending on costly, but low-value green energy will collapse under its own economic weight. The unanswered question is how high an economic and social price the U.S. will pay for this folly before that occurs.<\/em>

Submitted comments and contributions will be subject to a moderation process and will be published, provided they are substantive and not abusive.<\/strong>\u00a0Open review here<\/a>.

Review comments should be emailed to:\u00a0benny.peiser@thegwpf.org<\/a>

The deadline for review comments is 30 November 2023.<\/em><\/p>\n\n\n\n

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