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Global elites once again congratulated themselves on saving the planet, celebrating the latest COP28 with a real commitment to “transition away” from fossil fuels. Half of those in attendance, however, had to settle for less and wanted a complete “phase out.”
Fossil fuel haters seem to forget, or rather choose to ignore, the enormous blessings that abundant, affordable energy brings them.
There are very strong and positive correlations between the use of fossil fuels and the increase in GDP, income, wealth, life expectancy and overall quality of life, simply because this resource has enabled countless technological advances.
Heavy electrical transmission lines at the Ivanpah solar electricity generating system in California's Mojave Desert on July 15, 2022, near Primm, Nevada. (George Rose/Getty Images)
The greater the access to cheap energy, the greater the overall health and productivity of a nation. The opposite also is true.
THE COP28 CLIMATE CONFERENCE IS NOT JUST THE SUPER BOWL OF VIRTUE SIGNALING. IT'S DOING REAL DAMAGE
It is ironic that the same fuel that alarmists despise is the only energy source that facilitates their annual meetings to denounce its use. Attendance at COP28 peaked at around 85,000 people this year, hundreds of whom flew in and out on private planes.
More damaging than anything fossil fuels can do to the environment are the policies many of our world leaders have enacted to limit their use.
One of the biggest advances to emerge from a COP meeting was the 2015 Paris climate agreement. Over time, it created a net zero movement, which in part seeks to replace fossil fuels with so-called green energy sources through heavy government subsidies. The results have been destructive and costly.
The current administration has done everything in its power to curb the production and use of fossil fuels: canceled pipelines, drilling moratoriums, delayed permits, strict EPA rules, additional fees on oil and gas, plans to close coal plants.
Fossil fuels have hovered around 80% of total energy use for some time; World oil consumption continues to increase. It is not plausible that intermittent wind and solar will quickly replace reliable fossil fuels.
BIDEN ADMIN REVEALS LATEST ACTION AGAINST OIL AND GAS INDUSTRY AT UN CLIMATE CONFERENCE
States with strict Renewable Portfolio Standards (RPS), which require a certain percentage of electricity to be renewable, have often seen the largest increases in utility rates, up to 50% more than states without an RPS due to high implementation costs.
The North American Electric Reliability Corporation expressed serious concerns in its most recent Long-Term Reliability Assessment, noting that “environmental regulations that are too rigid” can cause electricity shortages and put regions at great risk during high demand. The report emphasizes that “reliability will be a top priority for energy policymakers, regulators and industry.”
Nine states already experienced rolling blackouts in December 2022, when electricity demand exceeded supply during Winter Storm Elliott. Unreliable renewables fell short. Coal saved the day for this storm and others, including Uri, where the Texas power grid was minutes from collapsing.
Perhaps if fossil fuels had not been restricted in the first place, those crises would have been avoided.
WHITE HOUSE SILENT AS OIL PRODUCTION REACHES RECORD, ENVIRONMENTALISTS CALL FOR GREEN ENERGY
Attempts are being made to phase out gasoline-powered cars by forcing the sale of electric vehicles (EVs) through subsidies and mandates. This move not only distorts markets and costs taxpayers, but forces us to rely on China for critical minerals that we refuse to mine here at home. The infrastructure needed to properly charge electric vehicles on a large scale is also severely lacking.
As a result, demand for electric vehicles is not as strong as expected, causing inventories to build up at dealerships. Consumers simply aren't convinced due to high costs, limited range, charging anxiety, and reduced capacity in cold weather. Automakers have lost billions.
Everything is inextricably linked to energy, and any setback has enormous implications that reverberate throughout the economy.
Net-zero emissions policies are the root cause of the current energy crisis because they have restricted investment, production and transportation in fossil fuels. This has artificially suppressed supply, leading to high prices and shortages. Inflation hit a 40-year high, while consumer confidence fell severely. The anti-fossil fuel agenda may be costing the US economy $100 billion annually.
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These policies are a regressive tax on the poor, who suffer the most. More of their income is spent on energy, forcing some to choose between buying food and paying a utility bill.
The real crime is banning fledgling countries from the same life-saving technologies and basic luxuries we enjoy by banning them from using fossil fuels. One billion people live without electricity, often in hostile or dangerous environments. Denying them cheap energy condemns them to a life of poverty and, in some cases, is a death sentence.
Global spending on physical assets alone to reach net zero is estimated to be $275 trillion between 2021 and 2050, or $9.8 trillion annually. Global GDP for 2022 was approximately $100 trillion.
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This is an astronomical amount of money to reduce global temperatures by a mere fraction of a percent.
We should promote the use of affordable and reliable energy to stimulate economic growth and prosperity in ALL nations. Demonizing fossil fuels does more harm than good.
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