Connect with us

Hi, what are you looking for?

Metaverse CapitalistsMetaverse Capitalists

Investing

Green Energy Subsidies Not So Green

Chris Edwards

My National Review op-ed today examines subsidies for wind power, solar power, lithium batteries, and electric vehicles (EVs). The 2022 Inflation Reduction Act (IRA) included about $1 trillion in subsidies for these and other ostensibly green technologies. Next year, the Republicans will aim to cut these subsidies to trim deficits and level the playing field in the energy industry.

There is another reason why Republicans should reassess the IRA subsidies: the environmental damage that wind, solar, battery, and EVs may impose if their footprints continue to expand. In the mad dash to limit CO2 emissions, traditional environmental concerns seem to have been pushed aside. Congressional Republicans should hold hearings next year on the anti-green effects of the IRA’s green subsidies.

I was surprised to find, for example, that the Biden administration finalized a plan this year to cover 538,000 football fields of public lands in the West with metal-and-glass solar panel structures. That would be an extraordinary imposition on the natural environment that deserves more scrutiny by Congress and the public.

Another issue my op-ed discusses is that solar panels, wind turbines, and lithium batteries may cause massive trash problems. Scientists are working on these issues, but they loom large because of the short lifespans of these energy technologies.

EVs are much heavier than gas-powered vehicles, which increases damage from accidents, wears tires faster, and increases particulate emissions. Wind turbines currently kill about 1 million birds annually in the United States and more than 1 million bats, and the Biden administration plans vast increases in wind installations.

Solar panel and lithium battery manufacturing have very problematic supply chains. The Biden administration, for example, is subsidizing water-intensive lithium mining in arid regions of the West, which will cause added stress on already tapped-out rivers and aquifers.

The NRO piece discusses these and other concerns. The incoming Congress should thoroughly review both the costs and green impacts of the IRA subsidies.

    You May Also Like

    Stocks

    In this edition of StockCharts TV‘s The Final Bar, Dave shows how breadth conditions have evolved so far in August, highlights the renewed strength in the...

    Business

    In the UK, the care sector is under incredible strain, it’s good to know there are people working hard to address the issue. One...

    Business

    With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike the right chord...

    Politics

    On January 10, the French government announced plans to raise the retirement age from 62 to 64. The change would mean that after 2027,...

    Dislaimer: pinnacleofinvestment.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 metaversecapitalists.com | All Rights Reserved