EU members states have spent about €600 billion ($882bn) on renewable energy projects since 2005, according to Bloomberg New Energy Finance. Germany’s green energy transition alone may cost consumers up to €1 trillion by 2030, the German government recently warned.
These hundreds of billions are being paid by ordinary families and small and medium-sized businesses in what is undoubtedly one of the biggest wealth transfers from poor to rich in modern European history. Rising energy bills are dampening consumers’ spending, a poisonous development for a Continent struggling with a severe economic and financial crisis.
Heavy subsidies and the innate inefficiency of renewables have caused power prices in Europe to rise to a level that the poor cannot afford and at which industry cannot compete. The magnitude of the problem is detailed in this article which concludes that …
Australians would be well advised to watch this green train wreck very closely if they wish to avoid a repeat of the fiasco that is unfolding in Europe.