The Campaign Update: The Real Cost of the Energy Transition Will Shock and Amaze You
The world is having the wrong debate about energy
One aspect of the narrative around the “energy transition” that seldom receives much attention is the dollar cost of trying to limit predicted global warming over the rest of this century to 1.5 degrees centigrade. It doesn’t get a lot of attention in part because the numbers are so enormous that an accurate estimate is incredibly difficult to attain.
But the International Renewable Energy Agency (IRENA), an intergovernmental agency whose mission is to support governments in efforts to meet the goals of the transition, recently tried, and came up with a number that far exceeds previous estimates. IRENA said that the total global cost would come to $131 trillion, an increase over a previous estimate of $98 trillion (see the video recently reported at The Wall Street Journal). For context, the world’s entire gross domestic product for 2021 amounted to $85 trillion.
Oh. So, where is all that money that doesn’t actually exist today going to come from? That’s the burning question that no one in the climate alarm movement really wants to discuss. The answer is obvious: That money will have to be printed, and that means inflation and that in turn means higher costs for energy and everything else for everyone. We already see it happening now as the prices for every grocery and other consumer goods rocket skywards in Biden-land.