"Whereas the International Energy Agency projected that we’d hit peak fossil-fuel use in 2030, the U.S. Energy Information Administration came to a very different conclusion: It saw demand for fossil fuels rising through at least 2050. The difference between the two agency’s models is how they treat #GovernmentPolicy."
The "#ProductionGap" sounds like it's an inevitable thing that we can only measure helplessly, but the truth is that it is related to the "#SubsidyGap":
The world spends about $500 bn a year subsidizing the profits of #FossilFuel companies. This is five times what the global climate fund is looking for: only $100 bn a year. The rest could be redirected to clean energy, public transit, climate justice, all that.
I guess all the fuel subsidies post Ukraine feed into this but it would be good to see a breakdown of what drives it.
Potentially makes a case for switching the subsidies to direct cash payment so fuel bills are still high but people have cash for food etc? Would help further incentivise wnwrgy efficiency?
@JackRS1 what drives it is the entire economic model. There has never been an energy source as dense and storable and transportable as oil and there likely never will be again, and we’re addicts
What drives it varies: from consumer subsidies to tax breaks to producers.
If you think the chart is shocking wait till you see the total: $7 tn in 2022 if you count all the externalities like healthcare costs from air pollution.
Even before the war in Ukraine, the total was $ 6 tn.
Estimated by that socialist bunch, the IMF.
The #OffshoreWind industry in particular is going through a rough patch of growing pains.
This does not mean the end of wind power: the overall trajectory is clear. but if governments redirect fossil fuel subsidies to clean energy subsidies they can make a huge difference (See Atlantic article above in this thread).
Build the supply chain for wind energy – not LNG terminals.
"The Biden administration rolled out a major tax proposal Friday that offers hope to an #OffshoreWind sector that’s been swamped in recent months by financial problems."
"Last week, the #UK took direct action to help with funding, bumping up the support price for new #OffshoreWind farms. The #EuropeanUnion says “immediate action” is needed and plans to speed up #permits for wind projects, and #Germany will make it easier for green energy firms to get on the grid. That’s all intended to keep investment flowing and, more broadly, keep countries on the road to their net-zero targets."
"#NY offers new #OffshoreWind auction, may revive troubled projects
The new solicitation will be open to all bidders, including those with existing contracts. This would allow the companies to re-offer their planned projects at higher prices and exit their old contracts."
"Britain will increase the guaranteed price offered for offshore wind projects in its next renewables auction by 66%, the government said on Thursday, as it seeks to spur more projects after its last auction failed to attract any offshore wind investment."
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