October 3, 2022

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Is the release of energy prices just tasty? The world will fall if it goes the wrong way

Fossil energy sources still provide most of the energy, which is important in the lives of all of us – even the most climate sensitive people. The European Union continues to put climate policy at the forefront of its political agenda, although more than 80 percent of its primary energy needs come from fossil fuels, according to the International Energy Agency. Despite endless fires in the environment, solar and wind power make up only 3% of Europe’s total energy needs. The transition from fossil fuels to green energy can be costly. Solar and wind power can only provide electricity (not energy for heating, transportation or industry), while electricity accounts for less than one-fifth of global energy consumption.

Doesn’t the wind always whine?

Relying on unreliable energy sources such as wind power makes families vulnerable – Europe is experiencing huge costs. Wind speeds were unusually low for most of 2021, causing much of the current European energy crisis.

When the sun does not shine or the wind does not blow, energy prices will skyrocket and we will have to turn to fossil fuels.

Although climate enthusiasts easily talk about batteries that save backup energy, the truth is that these batteries are not enough and are expensive, easily quadrupled the cost of electricity from solar energy. And they do not even provide much energy. By 2021, Europe had only battery capacity, which was lower than its average power consumption. One and a half minute Coverage provided. Ten times by 2030 batteries will be enough for 12 minutes.

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$ 150,000 billion

As each country moves towards achieving “net zero carbon emissions” – a target set by US President Joe Biden, the European Union and other states – costs will rise again to record highs.

The Bank of America Achieving net zero emissions is estimated to cost $ 150 trillion in thirty years, more than double the total GDP of each country in the world.

World governments and households spend more than $ 5 trillion a year on education each year. This calculation is based on the assumption that costs are spreading efficiently and that high-carbon China and India are better off reducing their emissions. However, India claims that it aims to achieve net zero emissions only if the rest of the world pays $ 1 trillion. For 2030. However, this will not happen. Most emissions reductions are likely to occur only in rich countries, resulting in relatively small reductions in global emissions. The richest part of the world makes small profits through big sacrifices.

Impossible and immoral

A new one Study And McKinsey has shown that most poor countries in Africa spend more than 10 percent of their gross national income annually on climate policy. This is more than these countries spend together on education and health. This is not only impossible, but also immoral Against a continent where nearly half a billion people still live in abject poverty.

The In nature Reducing emissions by just 80 percent would cost the U.S. $ 2.1 trillion a year or more than $ 5,000 a year by 2050, according to published research. President Biden’s promise to reduce emissions by 100 percent will pay off. By placing this data in a larger context, it can be asserted that it is US II. Annual cost of participating in World War II between 1941 and 1945 Thousand billion The current price is estimated in USD.

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By 2050, climate policy will cost Americans twice as much as II each year. The costs of World War II were reported to them.

Moreover, energy policy will increase inflation. The Bank of America estimates that this will lead to the so-called “green inflation” of three percent. Further damage can be caused by forcing businesses and the public to use less efficient, less reliable, more expensive energy. This will slow growth, with billions more dollars over the course of this century.

We need a clever approach

Most people around the world agree that climate change is an important priority, but studies show that some are willing to spend more than a few hundred dollars a year on climate policy. If you are told to spend ten or a hundred times more than that it will surely fail.

The huge cost of achieving net zero carbon emissions is, of course, no reason not to do anything. Rather, he argues for a wiser approach.

To ensure the transition from fossil fuels, we must focus on accelerating research and development to reduce the cost of green energy through innovation. It is not just solar and wind energy. We need to invest in all options, including fusion and split energy, energy saving, second generation biofuels and many more ideas.

The whole world will be ready to change only if green energy becomes cheaper than fossil energy sources. Otherwise, current energy prices will only taste what awaits us in the future.

Cover image: Getty Images