9 June, 2018
This has been a terrible week for the renewable energy business.
Across the world solar energy share prices have crashed. This was caused by a sudden and unexpected decision by China, the world’s biggest solar manufacturer and user, to rein in subsidies.
According to Caixin Global:
China has abruptly put the brakes on solar power subsidies, seeking to stem overcapacity in a sector that has benefited for years from government incentives.
The move caught many in the industry off guard.
The government won’t grant subsidies to any new ordinary solar projects this year. For those that are being built, the incentives will be cut by 0.05 yuan (0.8 U.S. cents) per kilowatt-hour (kWh).
Solar stocks have fallen across the board by double digits. It’s uncertain when they will recover.
It hasn’t been a good week for wind energy either. In Britain, the industry has become a national joke because for seven days its wind turbines stood still and produced no electricity. Great news for all the birds and bats they would otherwise have sliced and diced; no problem for the renewables industry troughers who still get their rich subsidies whether the wind blows or not. But definitely unfortunate PR for an industry which would prefer everyone not to notice one of wind energy’s main problems: it’s intermittent – which means that a) it’s not always there when you need it and so b) it requires constant back up from more reliable fossil fuel on standby.
We shouldn’t laugh, except actually we must. Otherwise guys like this will win the day.
Nuclear power – including existing plants – needs to be remunerated for the zero-carbon power it produces. That must be kept separate from pork-barrel subsidies to dying coal plants. And nuclear lobbyists, please understand: you need to make friends with renewables.
Liebreich – founder of Bloomberg New Energy Finance – has done extremely well out of the climate change scare industry. That’s why he can afford to jet freely around the world (not first class, he insists in a subsequent tweet: just economy to Dublin to catch Gorillaz on Skype – as you do…)
So he is revealed as virtue-signalling hypocrite, happy to lecture the rest of us about the need to sit shivering in our cold, dark houses and go everywhere by bike, while his environmental purity does not dissuade him from hopping on a plane from London to Dulin (“not first class,” he tells us, as if it makes a difference to the fuel burned. Simultaneously with his stacking up the air miles and extending his carbon footprint like an Al Gore-style boss he is railing about plastic pollution, the fashionable environmentalist cause of the week, by complaining about artificial plants in the airport departure lounge.
The global warming industry – the Climate Industrial Complex as some are starting to call it – has been estimated as being worth an annual $1.5 trillion, but that was three years ago and like john Steinbeck’s monster and all others of the same genus, it has to grow or else it dies.
Like a lot of renewables advocates, Liebreich has grown rich on taxpayers money from his support for environment scams, making more money than had he been a skeptical scientist carrying out independent research based on real world evidence and not results from mathematical models fed ‘adjusted data,’ or a journalist writing about what a huge con the global warming industry is.
Liebreich gives the game away in a piece published recently about the way forward for global energy industry. He addresses the bogus dilemma that he claims oil companies face: do they abandon fossil fuel early and move into renewables; or do they extract the last remaining value they can?
This is, of course, the purest green propaganda masquerading as dispassionate business advice. A business advice it is pure bollocks. Most Big Oil company CEOs now, wearing their best shit – eating grins, pay lip service to the Church of Scienceology dogma of wind and mirrors and apologise for the pure evil of their sticky black gold. Behind the masks of course they are happily aware of the reality that renewables still provide a tiny percentage of global energy consumption and that even by 2040 – if you believe BP’s highly suspect projections, : fossil fuels are still going to provide well over half global energy consumption.
Here is the key passage in which Liebreich gives the game away, admitting that sustainables do not provide a realistic alternative to fossil fuels :
There is no inherent dishonor or immorality in pursuing a Sunset Ride. Even the most ardent climate activist is going to be a user of fossil fuels and petrochemical products for many more decades, and no one with integrity can demonize products whose demand they themselves drive. Dishonor and immorality lie only in attempts to obfuscate or delay the global transition to clean energy and transport, either through lobbying and misinformation or through a failure to strive for the highest standards within one’s own operations. Oil and gas companies need to lead on eliminating fugitive emissions and flaring, and to act with transparency and honor around the world.
In that “dishonour and immorality” bit lies the dirty big secret of the renewables industry which must be protected at all costs by elitist Omerta. Energy from wind and solar power are not reliable, sometimes the wind does not blow sufficiently strongly (or sufficently steadily – wind turbines can’t handle sudden gusts,) and there are cloudy and rainy days even in southern Spain or south California which mean that while geenies in the UK are crowing about ONE DAY in the summer of 2017 when more of our energy “came from green sources” they carefully omit to mention that most of the energy from coal, gas and oil fuelled plants was going down to earth because such equipment cannot be shut down or brought back to optimum speed at the flick of a switch. The same amount of carbon dioxide was being emitted, but the fuel burned was simply wasted.
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