The myth of the green energy transition

DESPITE much hype, the much-vaunted green energy transition away from fossil fuels isn’t happening. Achieving a meaningful shift with current policies turns out to be unaffordably costly. We need to drastically change policy direction.

Globally, we are already spending almost US$2 trillion annually to try to force an energy transition. Over the past decade, solar and wind energy use has increased to their highest levels. But it hasn’t reduced fossil fuels – over the same time, we have added even more fossil fuels.

Countless studies show that when societies add more renewable energy, most of it never replaces coal, gas or oil. It simply adds to energy consumption. Recent research shows that for every six units of new green energy, less than one unit displaces any fossil fuel. Analysis in the United States shows that renewable energy subsidies simply lead to more overall energy being used.