RUTHFULLY YOURS

https://manhattan.institute/article/the-crippling-economic-costs-of-green-energy-subsidies

The green energy subsidies in the Inflation Reduction Act (IRA) have been justified by the Biden Administration as a booster of U.S. economic growth and jobs.  But when the subsidies are tallied and the overall impacts evaluated, the IRA is a job and economic growth killer. 

Under the IRA, the lion’s share of subsidies will be paid to wind and solar developers.  The subsidies will not expire until electric industry carbon emissions fall by at least 75% below 2005 levels, after which they will gradually decrease.  Even the most optimistic forecasts prepared by the U.S. Energy Information Administration (EIA) show that this will not occur until at least 2046.  Thus, the subsidies for wind and solar will continue unabated for decades.  In total, the subsidies will far exceed what the U.S. government spent in today’s dollars to combat the Great Depression.

The single largest subsidy is the federal investment tax credit (ITC).  Most wind and solar projects will be able to claim a minimum 30% ITC, plus be eligible for an additional 10% credit if the projects rely on domestic manufacturing for components.  

The EIA’s optimistic forecast projects about 900,000 megawatts (MW) of solar photovoltaics, 350,000 MW of onshore wind turbines, and 24,000 MW of offshore wind by 2046.  If all of this generation is built, it will result in direct ITC subsidies totaling between $500 billion and $1 trillion, depending on construction costs.  The greater the costs, the larger the subsidies.  Although wind and solar proponents still claim costs are falling, the reality is the opposite.   Offshore wind developers, especially, are clamoring to renegotiate contracts they signed previously, including guaranteed price adjustments for increasing costs, and relaxing the domestic content requirement so they can claim the additional 10% ITC.

https://issuesinsights.com/2023/12/08/the-doomsday-cult-needs-to-recalculate-its-many-failed-predictions/

Five years ago, then-California Gov. Jerry Brown said, with great certainty, that “in less than five years, even the worst skeptics will be believers.” While we’re not sure why some skeptics are in his mind worse than others, it’s clear that he was wrong.

Wrong as the prediction of the end of snow was wrong. Just as wrong as Prince Charles, Democratic Rep. Alexandria Ocasio-Cortez, Al Gore, celebrated activist James Hansen and the tiresome, we’ll-have-no-coal John Kerry declaring we have fewer than 100 months or 12 years or 10 years or four years or 500 days to save Earth from the menace of man-made global warming.

We’ve had a half-century of various failed climate and ecological predictions, 18 of them “spectacularly wrong,” yet the carbon-obsessed doomsayers continue to insist that a planetary tragedy is imminent. The difference between them and the end-of-the-world cults that have to recalculate the day of the apocalypse when their prophecies come and go without incident is that much of the Western world has bought into the climate zealots’ hysteria.

In addition to the many botched timeline predictions, there is also the temperature dashboard warning light message. Once we reach a global temperature that is 1.5 degrees Celsius higher than that of the preindustrial era (whatever that was), we will have arrived at a disastrous threshold. Never mind that there is no such thing as a measurable global temperature, or that the temperature record is unreliable, or that the 1.5 degrees was not established by science but a number agreed upon in order to forge a climate agreement.

And never mind that somehow we have essentially hit that 1.5 degrees Celsius tipping point (the climate holocaust should materialize any day now, right? – the lunatics at the Guardian of course say we’re on the verge of catastrophe) and at the same time, the Associated Press reports “the world is heading for considerably less warming than projected a decade ago.”