https://www.nationalreview.com/2022/08/are-green-pet-projects-delaying-the-next
Biden’s latest green boondoggle funnels money to known energy losers, while curbing the technologies that could prove truly transformative.
Joe Biden’s latest spending binge doubles down on decades of failed government policies, propping up the wind and solar industries while entirely ignoring vast areas ripe for potential energy breakthroughs.
Biden’s so-called Inflation Reduction Act pledged to invest $369 billion in so-called “green” energy sources such as wind and solar power over the next decade, giving a windfall of cash to energy types favored by environmentalists. The IRA aims to reduce carbon dioxide emissions by 40 percent by 2030.
America already poured almost $450 billion, even more than the amount provided by Biden’s legislation, into “green” energy between 2010 and 2019. Yet solar and wind power provided only 1.5 and 3.4 percent, respectively, of the energy produced in the U.S. in 2021, according to the Energy Information Administration. The use of solar and wind power has either temporarily increased carbon dioxide emissions or, at best, been responsible for about 1 percent of the decline in emissions, a process much more attributable to the switch from coal power to natural gas.
Pumping vast sums of money into solar and wind isn’t a new phenomenon. In fact, it has been going on for almost half a century, as government favoritism towards these technologies goes right back to the origins of the technologies. (In 1974, an economical solar-power device was the object that drove the plot in the then-near-future James Bond movie The Man with the Golden Gun.) The solar-energy backers were wrong, and their boondoggle has cost American taxpayers hundreds of billions of dollars. Today, solar and wind power get, respectively, 250 and 160 times the subsidies per unit of energy generated that nuclear-fission power does, according to Forbes.