This week, Australia and Spain both cancelled most or all of their enormous subsidies for green energy. Germany has done so already. And Britain is expected to follow suit shortly.
Why? The subsidies are expensive and utterly useless. No matter how much money governments throw at wind power, solar power or other alternate energy sources, the results are always the same: Little or new energy is produced and there is no reduction in carbon emissions despite the billions thrown at green projects.
The Spanish government, like most European governments, is staggering under a mountain of public debt after having used borrowed money for decades to pay for massive social benefits.
Spain’s green energy subsidies were among the most generous in Europe - about $5.75 billion annually in a country of 47 million people. Madrid’s deep commitment brought it much praise from environmentalists who have held Spain up as a shining example of what governments can achieve if only they find sufficient will to act.
Except all of Spain’s expensive actions have led to nothing: no energy revolution, no new green jobs, no reduction in greenhouse gases.
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