Is There A Great Energy Deception?

Governments worldwide have spent over $5 trillion in the past two decades to subsidize wind, solar, and other so-called renewables. However, even with financial support, the world still depends on hydrocarbons for 84% of its energy needs—down only 2% since governments started binge spending on renewables 20 years ago. (That’s all according to Mark Mills in a report from the Manhattan Institute).

Wind and solar power might be useful in specific situations. It is a little far-fetched to think they can provide reliable baseload power for an advanced or developing economy. Nonetheless, governments, the media, academia, and celebrities flippantly push for an imminent energy “transition” as if it’s preordained.

Source: https://en.wikipedia.org

Reliable baseload power for most of humanity are probably only three:

1) hydrocarbons—coal, oil, and gas

2) nuclear power

3) abandon modern civilization for a pre-industrial standard of living.

Many Western governments are intent on going green, sanctioning large energy exporters (Russia, Iran, Venezuela), and shunning hydrocarbons in general (ESG, windfall profits taxes, limiting exploration, burdensome regulations).

The other choices of embracing nuclear energy—which has zero carbon emissions—or give up reliable electricity are not seriously entertained at the moment. But with rising hydrocarbon prices and concerns about energy security, the nuclear option could be promising.

When the average person hears “fossil fuels,” they think of a dirty technology that belongs in the 1800s. Many believe they are burning dead dinosaurs to power their cars. They also think fossil fuels will run out soon and destroy the planet within a decade. None of these things are true. Using misleading and vague language plays a large role. Modern civilization has only two choices for baseload power—hydrocarbons or nuclear.

Renewables have a whole set of problems – source material for solar or electric vehicles are mined from resource-rich states. And China has a great advantage. Japan halted nuclear power after Fukushima but now it is reactivating nuclear plants.

Going forward, we will need a mix of energy sources – hydrocarbons and renewable (including nuclear). To champion one over the other is merely accentuating energy security and increasing price of power!

Developing countries must be permitted to drive electricity generation with hydrocarbons for the next 50 years, at least. It is too simplistic to argue that hydrocarbons endanger the planet when the West has systematically destroyed the planet for 300 years!

Reference:

The great energy deception: The truth behind the $5 trillion renewable energy scam, Nick Giambruno, Doug Casey’s International Man