The global elites once again patted themselves on the back for saving the planet, marking the latest COP28 with an actual commitment to "transition away" from fossil fuels. Half the attendees, however, had to settle for less, wanting a complete "phase out" instead.
The fossil fuel haters seem to forget, or rather choose to ignore, the enormous blessings afforded them on account of abundant and affordable energy.
Very strong and positive correlations exist between the use of fossil fuels and rise in GDP, income, wealth, life expectancy and overall quality of life, simply because this resource has enabled countless technological advancements.
The greater the access to cheap energy, the greater the overall health and productivity of a nation. The converse is also true.
COP28 CLIMATE CONFERENCE IS NOT JUST THE SUPER BOWL OF VIRTUE SIGNALING. IT'S DOING REAL DAMAGE
It’s ironic that the very fuel despised by alarmists is the sole energy source that facilitates their annual gatherings to denounce its usage. COP28 attendance peaked at around 85,000 this year, hundreds of whom flew in and out on private jets.
More detrimental than anything fossil fuels can do to the environment are the policies so many of our world leaders have enacted to limit their usage.
One of the biggest developments to come out of a COP meeting was 2015’s 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 subsidization. The results have been destructive and costly.
The current administration has done all in its power to curb fossil fuel production and usage: canceled pipelines, drilling moratoriums, delayed permitting, stringent EPA rules, additional fees on oil and gas, plans to shut down coal plants.
Fossil fuels have hovered around 80% of total energy usage for some time; global oil consumption continues to rise. It is not plausible for intermittent wind and solar to rapidly replace reliable fossil fuels.
BIDEN ADMIN UNVEILS LATEST CRACKDOWN ON OIL AND GAS INDUSTRY AT UN CLIMATE CONFERENCE
States with stringent Renewable Portfolio Standards (RPS) – which require a certain percentage of electricity to be renewable – have often seen the biggest utility rate hikes, up to 50% higher than states without an RPS due to high costs of implementation.
North American Electric Reliability Corporation expressed grave concerns in its most recent Long-Term Reliability Assessment, noting that "environmental regulations that are overly rigid" can cause electricity shortfalls and put regions at great risk during high demand. The report emphasizes "reliability to be a top priority for energy policymakers, regulators and industry."
Nine states already experienced rolling blackouts in December 2022 as the demand for electricity 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 away from collapse.
Perhaps had fossil fuels not been restricted in the first place, such crises would have been averted.
WHITE HOUSE SILENT AS OIL PRODUCTION REACHES RECORD, ENVIRONMENTALISTS CALL FOR GREEN ENERGY
Attempts are being made to eliminate gas-powered cars by forcing the sale of electric vehicles (EV) through subsidies and mandates. Not only does this maneuver distort markets and cost taxpayers, but it forces reliance on China for critical minerals we refuse to mine here at home. The infrastructure required to adequately charge EVs on a massive scale is also sorely lacking.
Consequently, demand for EVs is not nearly as robust as anticipated, leaving inventory to pile up at dealerships. Consumers are just not sold due to the high costs, limited range, charging anxieties and diminished capacity in cold climates. Automakers have lost billions.
Everything is inextricably linked to energy, and any hiccups have massive implications that reverberate throughout the economy.
Net-zero policies are the root cause of today's energy crisis because they have restricted fossil fuel investment, production and transport. This has artificially suppressed supply, leading to high prices and shortages. Inflation hit a 40-year record high while consumer confidence hit severe lows. The anti-fossil fuel agenda may be annually costing the U.S. economy $100 billion.
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Such policies are a regressive tax on the poor, who suffer the most. A greater portion of their income is spent on energy, forcing some to choose between buying food and paying a utility bill.
The real crime is forbidding fledgling countries the same life-saving technologies and basic luxuries we enjoy by banning them from using fossil fuels. One billion people live without any electricity, often in harsh or dangerous environments. Denying them cheap energy condemns them to a life of poverty and in some cases, is a death sentence.
It is estimated that the global spending on just physical assets to attain net zero is $275 trillion between 2021 through 2050, or $9.8 trillion per year. Global GDP for 2022 was roughly $100 trillion.
That’s an astronomical amount of money to thwart global temperatures by a mere fraction of a percent.
We should be promoting the use of affordable and reliable energy to spur economic growth and prosperity in ALL nations. Demonizing fossil fuels does more harm than good.
