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Wow! We have 61 Additional Hours Before the Crisis Hits! November 14, 2013 9:00 AM | Tagged as global warming subsidies IMF

WSJ November 12, 2013 Page A17 “Green Energy Is the Real Subsidy Hog” by Bjorn Lomborg

Those familiar with The Biz Bucks Guy know he is a global warming skeptic and should not be surprised by this article.  Lomborg has quantified the various subsidies for energy and debunked the prevailing myths by the “crisis crowd”.

Spain spends about $11 billion ANNUALLY for green energy. A Yale climate model predicts this will delay the alleged catastrophe from global warming a rousing 61 hours.  What a waste of scarce resources which is about 1% of Spain’s entire economy. No wonder Europe is starting to run away from renewables.

As to energy subsidy myths, Lomborg’s data is clear:

Myth 1: Fossil fuels get greater subsidies than green energy. The opposite is true. Fossil fuel subsidies are 1/20 of one cent per KWhr. Wind is 5 cents per KWhr. Solar is 77 cents per KWhr.

Myth 2: The global subsidies for fossil fuels are due to the immense power international fossil fuel companies have over governments. Sorry, global alarmists, wrong again. Globally, renewables get about three times the subsidy as fossil fuels, when the data is put onto a per energy unit basis. Furthermore, most fossil fuel subsidies are from non-Western countries who provide these subsidies for economic stability of their fragile economies, not because an oil company forces them to pay.

Myth 3: A recent International Monetary Fund claims there is more fossil fuel subsidies than anyone thought. OK, IMF, why? Because -- as they allege -- gasoline SHOULD be taxed more…so since it isn’t that amounts to a subsidy. Anyone smell a socialist masquerading as an environmentalist? Who is the IMF to determine what a tax rate SHOULD be?  Fuzzy math…fuzzier policy.

As Lomborg has said for some time, we should put our money into R&D for renewables.

Let’s stop the insanity of governments forcing nations to build the energy equivalent of the Model T so rich, liberal elites can feel good about themselves.  In time, with a strong R&D program, perhaps renewables will reach the efficiencies of which we all dream. Wasting our financial resources on current inefficient energy machinations will someday be shown to be bad policy.

But it’s OK…we have an additional 61 hours to think and do nothing. 


Posted By The Biz Bucks Guy
Posted in Energy Policy, Global Warming | 0 Replies

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