Robert Bryce, senior Fellow at the Manhattan Institute, writes in The Wall Street Journal of February 2, 2014, that for years, greens and many on the political left have insisted that widespread adoption of renewable energy will create jobs and stimulate the economy.
Now, however, both the European Union and the German government have announced separately that they are 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.” Read more here.
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