http://online.wsj.com/news/articles/SB10001424052702304007504579346774109467020?mod=Opinion_newsreel_3
While renewables subsidies have punished Europe, shale gas has cut U.S. emissions.
For years, greens and many on the political left have insisted that widespread adoption of renewable energy will create jobs and stimulate the economy. An example: In September 2008, then-candidate Barack Obama claimed at a speech in Golden, Colo., that his planned investments in “green” energy would create “five million new jobs that pay well and can’t ever be outsourced.”
It was all bunk.
Proof came last month when both the European Union and the German government announced separately that they were both rolling back aggressive subsidies and mandates for renewable energy. The reason: staggering costs. Spain has racked up some $35 billion in debt—known as the “tariff deficit”—thanks to excessive renewable-energy subsidies. In Germany, renewable-energy subsidies are now costing German consumers and industry about $32 billion a year. The costs have become so onerous that on Jan. 21 Germany’s economy and energy minister Sigmar Gabriel told energy conference attendees in Berlin that his country is risking “dramatic deindustrialization” if it doesn’t reduce energy costs.