Climate Policy Meets Cold Reality in Europe
European leaders at the United Nations last week applauded themselves as they doubled down on their pledges to slash CO2 emissions. And Prime Minister Boris Johnson said the U.K. “will lead by example, keeping the environment on the global agenda and serving as a launch pad for a global green industrial revolution.” Such vows of carbon chastity are, to say the least, ironic as Europe grapples with a severe energy shortage and surging prices wrought by its green industrial revolution.
In the past decade the U.K. and Europe have shut down hundreds of coal plants, and Britain has only two remaining. Spain shut down half of its coal plants last summer. European countries have spent trillions of dollars subsidizing renewables, which last year for the first time exceeded fossil fuels as a share of electricity production.
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