In Motion …

“Behold,” boasted the electric vehicle (EV) company Nikola. “The 1,000 HP, zero-emission Nikola One semi-truck in motion.”

The claim was technically true. The lorry was indeed moving. But as the Arizona-based start-up admitted last week, it was moving because it had been towed up a hill and then left to roll.

“Nikola never stated its truck was driving under its own propulsion in the video,” a spokesman defiantly declared. “As Nikola pivoted to the next generation of trucks, it ultimately decided not to invest additional resources into completing the process to make the Nikola One drive on its own propulsion.”

After the admission forced Nikola’s chairman and founder Trevor Milton to resign, shares in the company plunged on Monday.

Daily Telegraph (UK)

Reality beckons …

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.

China & the carbon fairy …

From a faraway land a tale of a faraway land, that has so much in common with our own antipodean paradise that it is worth reading as a parable …

Mr Peter Lilley (Hitchin and Harpenden) (Con): Criminologists have observed that the victims of confidence tricksters are often willing—indeed, eager—to believe the story to which they fall victim.  The more absurd, fantastic or fabulous the story, the more willing they are to believe it.

This Select Committee report – Low Carbon Cooperation with China – and the government’s reply prove that Ministers and Members will willingly believe any delusion as long as it is sufficiently fabulous.  It contains all the characteristics necessary for the sort of fairy tale in which one wants to believe: it has a faraway country, mysterious powers that we attribute to ourselves, and pots of gold—green gold—at the end of the rainbow.

Pray continue …