In a nutshell, fossil fuels provide far more energy far more cheaply than any alternative. That’s why, after about $5 trillion of worldwide spending on renewables, wind and solar still only provide about 5% of global electricity supply. Storing oil, gas and coal for future use in electric generation is easy and cheap, while storing electricity itself (batteries) costs about 30 times more.
Plus, demand for electric power is rising and will continue to do so for many decades. The global demand for automobiles, refrigeration, heating and air-conditioning, etc. can only increase as nations like China and India become more affluent. And climate activists’ demand for more electric vehicles will increase demand for electric power by as much as 25%. …
Suffice it to say that the recent Ukraine crisis has re-acquainted policy-makers with the realities of energy production and demand. Put simply, fossil fuels aren’t going anywhere any time soon. Wind and solar are, due to a wide array of factors, far from up to the task of providing power to meet current demand, much less the hugely-increased demand of coming years.
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